Dwight Mortgage Provides $148M Construction Loan on Jamaica Multifamily

February 7, 2025February 10, 2025

Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $148-million construction loan for Sutphin II, a planned 524-unit luxury high-rise apartment building in the Jamaica neighborhood of Queens. Steven Hersko of the SHB Group arranged the loan on behalf of the developer, a partnership led by Moshe Braver.

The development consists of one 24-story building that will feature 366 market-rate units, 158 affordable units ranging from one to three bedrooms and 7,750 square feet of ground-floor retail. The community will offer premium amenities, including a parking garage, rooftop space, gym and yoga studio, business center, game room, theater, resident lounge, children’s playroom, pet spa and library.

Sutphin II is located adjacent to the Jamaica Long Island Rail Road train station and within walking distance of multiple subway lines. Upon completion, the project qualifies for a 35-year 421-a tax abatement and Brownfield Redevelopment Tax Credits.

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