Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, provided $100MM in bridge financing for 224 W 124, a newly constructed, luxury high-rise apartment building located in the West Harlem neighborhood of Manhattan, NY. Completed in mid-2023, the 19-story property consists of 168 units, including one-, two-, and three-bedroom apartments, as well as townhome and penthouse units. The building’s on-site amenities include a fitness center, yoga room, sauna, children's playroom, business lounge, and a rooftop deck with BBQ grills and stunning views of Central Park and New York City’s skyline. 224 W 124 also features 51 affordable units and thus benefits from a long-term tax abatement in accordance with the 421-a Affordable Housing New York Program.
Proceeds from the loan were used to refinance existing construction debt and provided additional capital to the borrower, Carthage Real Estate Advisors.