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Blue Iron Development Secures $67.5M Refinance Loan For Saratoga Springs Multifamily

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FINANCED
$67,500,000

New York

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MultiFamily
Financed 06/11/2024
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Property Image
FINANCED

Blue Iron Development Secures $67.5M Refinance Loan For Saratoga Springs Multifamily

MultiFamily
Financed 06/11/2024
the dealplayerscompscontact
Contact now

Summary

Asset Type:MultiFamily
Transaction Type:Loan

The multifamily asset located at 1 Forest Ridge in Saratoga Springs consists of 260 units and was the subject of a $67.5 million loan refinance deal. The loan was provided by Dwight Mortgage Trust, with Blue Iron Development securing the financing for the Elements at Saratoga Lake property.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $67,500,000
  • Lender: Dwight Mortgage Trust - David Scheer & Joshua Klein
  • Landlord: Zach Dorrough & Dave Kwiat - Blue Iron Development
  • Address: 1 Forest Ridge
  • Market: Saratoga Springs

Dwight Mortgage Trust, represented by David Scheer and Joshua Klein, provided the $67.5 million refinance loan for the Elements at Saratoga Lake property. The landlords, Zach Dorrough and Dave Kwiat of Blue Iron Development, finalized the deal securing the financing for the multifamily asset located in Saratoga Springs, N.Y.

Players

Dwight Capital
Dwight Capital
LENDER

Details

FINANCED
IMAGE: Zach Dorrough DATE: 06/11/2024 ADDRESS: 1 Forest Ridge MARKET: Saratoga Springs ASSET TYPE: Multifamily ~ UNITS: 260 LENDER: Dwight Mortgage Trust - David Scheer & Joshua Klein LANDLORD: Zach Dorrough & Dave Kwiat - Blue Iron Development LOAN AMOUNT: $67,500,000 LOAN TYPE: Refinance NOTE: Blue Iron Development has secured a $67.5 million loan to refinance a multifamily asset located south of Saratoga Springs, N.Y., with Dwight Mortgage Trust (DMT) providing the bridge loan for the 260-unit Elements at Saratoga Lake property.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$67,500,000.00

Monthly NOI$450,000.00
Monthly Debt Service$426,645.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00