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A joint venture between Carthage Real Estate Advisors and Rester Management has sealed $100 million of bridge financing to refinance a newly constructed multifamily property in West Harlem, Commercial Observer has learned.
Dwight Mortgage Trust, a real estate investment trust affiliate of Dwight Capital, originated the loan on the sponsorship’s 19-story 224 W 124 project, which was completed this summer. Loan proceeds will refinance existing construction debt and provide additional capital for the development.
Located at 224 West 124th Street, the 168-unit property includes one-, two- and three bedroom apartments along with townhome and penthouse units. Fifty-one of the apartment units are designated as affordable housing under New York State’s now-expired 421a tax-abatement program.
The building’s amenities consist of a fitness center, yoga room, sauna, children’s playroom, business lounge and a rooftop deck with barbecue grills. It is part of the Marcus Garvey Village mixed-use development, which encompasses 300,000 square feet with 330 apartments, 3,200 square feet of commercial space and 7,164 square feet set aside for community facilities.
Officials at Dwight, Carthage Advisors and Rester Management did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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