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Dwight Mortgage Trust Refis Saratoga Townhomes With $68M Loan
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Commercial Observer
Blue Iron Development is off to the races this year after landing a $67.5 million bridge loan for a townhome-style multifamily asset near a historic horse racing track.
Dwight Mortgage Trust provided the loan for Blue Iron’s Elements at Saratoga Lake property that debuted in 2024 in Saratoga Springs, N.Y., Commercial Observer has learned.
The financing for the 260-unit community 11 miles south of Saratoga Race Course, was originated by Dwight’s David Scheer and Alex Izso.
The transaction was full refi for Blue Iron two years after securing an identical $67.5 million loan from Dwight, according to the lender.
Blue Iron Development did not immediately return a request for comment.