Dwight Mortgage Trust Provides $36.3 Million Bridge Loan for New Inland Empire Development

MORENO VALLEY, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property that is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, a pool and spa, a business and fitness center and a picnic and grilling area. The owner plans to obtain a HUD 223(f) loan for permanent financing once the asset is stabilized. Dwight Mortgage Trust Vice President Ari Mandelbaum originated the transaction.