Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $29.5 million bridge loan to facilitate the acquisition and planned renovation of Colonial Village, a 508-unit apartment community in Columbus, Ohio.
Situated on a 25-acre site, Colonial Village consists of 92 one- and two-story buildings, with 204 one-bedroom units, 24 two-bedroom units, and 280 two-bedroom townhomes. Community amenities include a clubhouse, picnic area, on-site management, and a dog park.
The planned interior renovations include updated kitchen appliances and cabinets, in-unit washer/dryers, quartz countertops with backsplashes, updated bathroom vanities, luxury vinyl plank flooring, and new hardware. Exterior improvements will include brick restoration and painting, roof repairs, renovation of the clubhouse and leasing office, installation of a central HVAC system, and parking lot repairs.
Loan proceeds will finance the property acquisition, cover transaction costs, establish reserves, and fund renovations for the borrower, Paul Kiebler of Pepper Pike Capital. Managing Director David Scheer originated the transaction.
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