BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, 30 miles west of downtown Detroit. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan.
The garden-style community consists of 1,046 apartments on a 99-acre site along the shores of Belleville Lake. Residents have access to a boat launch and 42 private boat slips, as well as a recently renovated clubhouse, fitness center, barbecue grills, firepits, a pool and picnic areas. The asset also features over two miles of walking trails and dedicated dog parks.