Dwight Capital has closed a $114-million HUD 223(f) refinance for 224 W 124th St., a 168-unit luxury high-rise residential building in Harlem. Dwight managing director Adam Offman originated the transaction on behalf of the borrower, Rester Management. Loan proceeds will be used to retire existing debt, including a $105-million bridge loan provided by Dwight Mortgage Trust, cover closing costs and establish a replacement reserve.
“Over the last few years, HUD-insured financing has quickly become the hottest ticket in NYC,” said Offman. “Between offering the longest term, lowest rate, and highest proceeds, there is no comparable form of financing in the marketplace.”
Completed in 2023, the 19-story property features 168 units, including one-, two-, and three-bedroom apartments, as well as townhome and penthouse units. Of these, 51 units are restricted to residents earning 130% of AMI, allowing the property to benefit from a long-term tax abatement under the 421-a Affordable Housing New York Program.
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