Dwight Mortgage Trust Finances $148MM Construction Loan for Sutphin II in Jamaica, NY

Dwight Mortgage Trust (“DMT”), the affiliate REIT of Dwight Capital, has provided a $148 million construction loan for Sutphin II, a planned 524-unit luxury high-rise apartment building in Jamaica, NY. The development consists of one 24-story building that will feature 366 market-rate units, 158 affordable units (ranging from studio to three-bedroom), and 7,750 square feet of ground-floor retail. The community will offer premium amenities, including a parking garage, rooftop space, gym and yoga studio, business center, game room, theater, resident lounge, children's playroom, pet spa, and library. Sutphin II is conveniently located adjacent to the Jamaica LIRR train station and within walking distance of multiple NYC subway lines.

Upon completion, the project qualifies for a 35-year 421-a tax abatement and Brownfield Redevelopment Tax Credits. Steven Hersko of the SHB Group arranged the loan on behalf of the developer, a partnership led by Moshe Braver.