Dwight Capital Arranges HUD 223(f) Loan for Harlem Luxury High-Rise
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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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout