Dwight Mortgage Trust Lends $155M on Michigan Multifamily Portfolio Acquisition – Commercial Observer
New Jersey-based Valleytree Partners has secured $154.8 million in bridge financing to acquire six garden-style apartment complexes throughout Michigan, Commercial Observer has learned.
Dwight Mortgage Trust, the mortgage real estate investment trust of Dwight Capital, supplied the loan for the portfolio of properties in the metropolitan areas of Detroit, Lansing and Grand Rapids. Adam Sasouness, managing principal at Dwight, originated the transaction, which was brokered by Crossmark Capital’s Marvin Jeremias and Berkadia’s Aaron Moll.
In addition to acquisition financing, the debt package will also provide funding for capital improvements at the assets, including enhancing 50 percent of the portfolio’s units.
The properties include Capitol Village Apartments on 315 East Edgewood Boulevard in Lansing; Carriage Hill Apartments on 26322 Westphal Street in Dearborn Heights; Carriage Park Apartments on 27201 Canfield Street West in Dearborn Heights; Macomb Manor Apartments on 9700 Masonic Boulevard in Roseville; Newburgh Square Apartments on 37670 Dale Drive in Westland; and and Northview Harbor Apartments on 2625 Northvale Drive NE in Grand Rapids.
Community amenities across the portfolio include a fitness center, tennis court, basketball court, volleyball court, clubhouses and BBQ areas. Select units feature balconies, fireplaces and walk-in closets.
Officials for Dwight and Valleytree Partners did not immediately return requests for comment.
Andrew Coen can be reached at firstname.lastname@example.org.