SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake in Saratoga Springs, approximately 35 miles north of Albany, New York. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development.
Elements at Saratoga Lake consists of 26 residential buildings and a clubhouse. The property offers 260 units in one- and two-bedroom floor plans. Amenities include indoor and outdoor pools, a fitness center, private lounge, community kitchen, business center, walking trails, a clubroom, grilling stations and a golf simulator.
The community is being constructed in two phases. Phase I of Elements at Saratoga Lake was completed in February, and Phase II scheduled to be delivered in July.