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Dwight REIT Closes $70M Construction Loan for Harlem Luxury Apartments
Dwight Mortgage Trust (DMT), the affiliate REIT of Dwight Capital, closed a $70-million construction loan for 33–35 W 125th St., a proposed 180-unit luxury apartment development in Harlem. The project will also feature three commercial spaces on the lower floors totaling 17,440 square feet.
The transaction was originated by DMT managing director Keith Hoffman, on behalf of Irgang Group. The development team includes Hemant Patel of Pramukh Realty Corp. as Development Partner, Orli Eshkar Architects, Yuri Menzak Architects overseeing the green design, Prestige Construction, and Roman Soroko of Versatile Engineering. Meridian Capital Group negotiated the financing with a team led by Simon Rosenfeld and Ariel Taieb.
Located on Harlem’s main commercial corridor, the property is also eligible for a 35-year 421-a tax abatement, with 30% of the units designated as affordable housing. Loan proceeds will fund ground-up construction, cover closing costs and establish an interest reserve.
- ◦Development
- ◦Financing
