Dwight Investment Management Supplies $73M Bridge Refinancing for Reno Ballpark Apartments

A joint venture between Bridge Investment Group and Pacific Development has closed $73 million in bridge debt to refinance Ballpark Apartments, a newly built multifamily property in Reno, Nevada. Dwight Investment Management provided the loan for the 368-unit complex, which sits across from Greater Nevada Field, the home park of the Reno Aces, a Triple-A affiliate of the Arizona Diamondbacks.

The lender said the proceeds were used to fund an interest reserve and to return equity to the borrower. Brandon Baksh, Tommy Ng and Talisse Thompson originated the transaction for Dwight.

The five-story building at 201 Evans Avenue opened in early 2025 and offers a pool, spa, fitness center and rooftop lounge. The project spans about 486,000 square feet. Dwight says the development has supported ongoing revitalization in downtown Reno.

Pacific Development bought the site in 2021 from Simon Property Group for $12 million, according to a previously reported figure. Sean Murphy, founding partner of Pacific Development, said the financing positions the firm to keep investing in downtown Reno.

For developers and lenders, the deal shows continued bridge-debt take-out activity for newly delivered urban multifamily assets in secondary markets.