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.

Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, provided $58.8 million in bridge financing for Solis at Petrosa, a newly constructed 260-unit apartment complex in Bend, Oregon.

Proceeds from the loan will go towards refinancing the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. Lake Oswego-based McBride Capital brokered the transaction for a repeat Dwight client, Pahlisch Commercial.  Proceeds from the loan refinance the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. 

Situated on nearly 10 acres of land, the property consists of eight three-story buildings and one four-story building. Its amenities include a pool, a community lounge equipped with a full kitchen, a fitness room, and a golf simulator room. Solis at Petrosa is located directly opposite Pine Nursery Park, a sprawling 159-acre space offering a variety of recreational facilities such as sports fields, pickleball courts, fishing ponds, trails, and a dog park.

Don’t miss hearing the experts’ take on where the Phoenix & Scottsdale multifamily and single-family-rental markets are headed on the afternoon of Thursday, April 18. Register now to hear first-hand insights and forecasts from the regions CRE leaders in development, investment, ownership, lending, and more at Connect Phoenix Multifamily & Single-Family Build-to-Rent. Register today!