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**Dwight REIT Closes $70M Construction Loan for Harlem Luxury Apartments**
Dwight Mortgage Trust (DMT), the affiliate real estate investment trust of Dwight Capital, has finalized a $70 million construction loan for a new luxury apartment development in Harlem, located at 33–35 West 125th Street. The project is slated to deliver 180 upscale residential units along with 17,440 square feet of commercial space across three retail units on the lower levels.
The loan was originated by Keith Hoffman, Managing Director at DMT, on behalf of Irgang Group. The development team comprises Hemant Patel of Pramukh Realty Corp. as Development Partner, Orli Eshkar Architects, Yuri Menzak Architects—who are responsible for the green building design—Prestige Construction, and Roman Soroko of Versatile Engineering. Financing negotiations were handled by Meridian Capital Group, with a team led by Simon Rosenfeld and Ariel Taieb.
Strategically situated on Harlem’s primary commercial corridor, the property qualifies for a 35-year 421-a tax abatement. Notably, 30% of the planned residential units will be designated as affordable housing. The financing will be used to fund the ground-up construction, cover associated closing costs, and establish an interest reserve.
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