Dwight Mortgage Trust Finances $34MM Bridge Loan for 170 Freeman Street in Brooklyn

Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, closed a $34 million bridge loan to refinance 170 Freeman Street, a newly developed 67-unit apartment community located in the Greenpoint neighborhood of Brooklyn, NY. The property consists of a single eight-story building and includes ground-floor commercial space. The residential unit mix comprises 12 studios, 40 one-bedrooms, and 15 two-bedrooms. Amenities at 170 Freeman Street include a fitness center, bike storage, study rooms, storage lockers, resident lounge, pet spa, and a communal rooftop equipped with a grill and views of Manhattan.

The project is eligible for a 35-year 421-a tax abatement. Loan proceeds will cover transaction costs, fund an interest reserve, and finance remaining construction costs. The transaction was originated by David Scheer on behalf of the borrowers, Daniel Greenberg and Joshua Greenberg of Green Street Group Managers LLC.