Senior Community in Central Jersey Refinanced for $50M
The 313-unit property covers 55 acres.
Dwight Mortgage Trust provided a $50 million bridge loan for the purchase of Silverwoods, a 46-building, 313-unit senior housing community located in Toms River, NJ. Real estate investors Mathias Deutsch and Isidore Bleier were the buyers.
The seller was not disclosed.
The deal was arranged by Moshe Feiner of Sevenstone Capital. According to Dwight Mortgage Trust, the funds will also establish an interest reserve, cover transaction expenses, and purchase an interest rate cap for the borrowers.
Silverwoods spans over 55 acres, and is sectioned into 7 studio apartments, 41 one-bedroom units, and 265 two-bedroom floorplans. Amenities include a pool, fitness center and clubhouse, and the property is located near various shopping malls, parks and a golf range.
Dwight’s other activities
In November, Dwight Mortgage Trust provided Landmark Realty with a $56 million bridge loan for its Willow Creek Apartments in Kansas City. David Scheer originated the loan, which will refinance debt, cover closing costs, fund required escrows and complete remaining construction costs.
A year ago, Dwight Mortgage Trust extended a $108.2 million bridge loan to Allure Group to refinance a loan for The Shoreline, a 248-unit luxury development in Brooklyn. Valley National Bank originated an $87.4 million construction loan for the property in 2021. After qualifying for the 421-a tax abatement program, it also received a 35-year tax reduction.
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Last week, BWE refinanced two senior living communities with a $308 million loan arranged for a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbart South Bay Partners. The assets are The Variel at Woodland Hills in Los Angeles and The 501 at Mattison Estate in Upper Dublin Township, Ambler, Pa., a suburb of Philadelphia.
