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1 Forest Ridge Blvd

Updated Apr 13, 2026

Kelli Walsh Of Blue Iron Development Secures $67.5M Bridge Loan From Dwight Mortgage Trust
FINANCEDMultiFamily

Kelli Walsh Of Blue Iron Development Secures $67.5M Bridge Loan From Dwight Mortgage Trust

1 Forest Ridge Blvd

$67,500,000

Units

260

Asset Type

MultiFamily

Closing

Jan 28, 2026

About this deal

AI

The property asset involved is a multifamily dwelling located at 1 Forest Ridge Blvd in Saratoga Springs, featuring a total of 260 units. The transaction involves a bridge loan secured for the amount of $67,500,000 to refinance the existing loan for the Elements at Saratoga Lake, which was previously obtained two years ago.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $67,500,000
  • Asset Address: 1 Forest Ridge Blvd
  • Market: Saratoga Springs
  • Lender: Dwight Mortgage Trust
  • Landlord: Kelli Walsh - Blue Iron Development
  • Loan Originators: David Scheer & Alex Izso - Dwight Mortgage Trust
  • Units: 260
  • Loan Type: Bridge

The key individuals involved in the deal include Kelli Walsh representing Blue Iron Development and the loan originators David Scheer and Alex Izso from Dwight Mortgage Trust. This collaboration reflects the refinancing strategy for the multifamily asset previously funded under an identical loan structure.

On the Map

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$67,500,000

MultiFamily

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Players

David Scheer

Dwight Capital

Broker

$584.5M

vol

11 deals

Broker
DT
Dwight Mortgage TrustLender
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Saratoga Springs MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $259.6K per unit across 260 units on a published $67.5M (2026).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.24%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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