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.

RIPCO Real Estate closed the sale of 88-56 162nd St. for $18.8 million, marking the largest new construction multifamily building sale in the Special Downtown Jamaica District since its 2007 neighborhood-wide rezoning. Measuring 49,264 square feet, the seven-story building features 51 residences and a fully leased ground-floor community facility space.

RIPCO represented seller Jian Chen of 89th Ave Project LLC. The listing team included Stephen R. Preuss Sr., vice chairman of investment sales, and Kevin Schmitz, VP of investment sales, from RIPCO’s Queens office. The buyers, Steven Kordvani and Jonathan Loloi of Parkview Properties, assumed the seller’s fixed-rate mortgage, originated in 2021.

“Since its neighborhood-wide rezoning in 2007, Jamaica has become a destination for new development, with over 5,000 units delivered to the market,” said Schmitz. “The sale of 88-56 162nd St. for $18.8 million not only represents the largest new construction multifamily transaction in the district since that transformative change but also serves as a testament to how the area has continually evolved into one of the most important and popular economic and residential centers in Queens.”