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Dwight Mortgage Trust, the REIT affiliate of Dwight Capital, has granted a $148 million construction loan for Sutphin II. This luxury high-rise apartment building will consist of 524 units and is located in Queens’ Jamaica neighborhood. The loan was arranged by Steven Hersko from the SHB Group on behalf of the developer, led by Moshe Braver.
The development includes a 24-story building with 366 market-rate units and 158 affordable units ranging from one to three bedrooms. It also features ground-floor retail space totaling at 7,750 square feet. Residents can enjoy top-of-the-line amenities such as a parking garage, rooftop area, gym and yoga studio, business center,gameroom,theater,resident lounge,kids’ playroom,petspa,and library.
Sutphin II’s prime location next to the Jamaica Long Island Rail Road train station and within walking distance to multiple subway lines makes it an ideal living option for commuters. Additionally,the project qualifies for a tax abatement under section421-afor35 yearsand Brownfield Redevelopment Tax Credits upon completion.
This news was originally reported on Connect CRE.
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