Tesseract Capital Group Secures $60M Bridge Loan For Modesto & Stockton Multifamily Portfolio

The Dwight Mortgage Trust has provided a bridge loan of $60 million to facilitate the purchase and renovation of a portfolio of four apartment properties in Modesto and Stockton, California. The properties, consisting of 347 units, are located at 3313-3417 Tully Road, 5650 Stratford Circle, 3445 Colonial Drive, and 1118 Stratford Circle. Built in the 1970s, these multifamily properties offer potential for renovation and enhancement.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $60,000,000
• Units: 347
• Market: Modesto & Stockton

Tesseract Capital Group, represented by Benjamin Jiang, has taken the lead as the landlord on this venture. The bridge financing from Dwight Mortgage Trust will enable Tesseract Capital Group to acquire and renovate these properties, adding value to the portfolio. With their extensive experience and expertise, Tesseract Capital Group aims to enhance the properties' functionalities and appeal to meet the current market demands. The loan will support Tesseract Capital Group's strategy of acquiring and transforming properties to generate long-term returns.