224 W. 124th St. in New York City

Dwight Mortgage Trust Provides $100 Million in Bridge Financing for 168-Unit Building in New York City

by Channing Hamilton

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $100 million in bridge financing for a property located at 224 W. 124th St. in New York City’s West Harlem neighborhood. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures.

The 19-story building was completed earlier this year and comprises 168 units. The community offers one-, two- and three-bedroom apartments, as well as townhomes and penthouse suites. Thirty percent of the total unit count is set aside as affordable housing, although income restrictions on these units were not disclosed. Amenities include a fitness center, children’s playroom, business lounge and a rooftop deck.

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