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 single 24-story building with a mix of market-rate and affordable units ranging from one to three bedrooms. It will also feature ground-floor retail spanning 7,750 square feet. Residents can enjoy top-of-the-line amenities such as 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 conveniently situated next to the Jamaica Long Island Rail Road train station and within walking distance to several subway lines.
Upon completion,the project will qualify for both a 35-year tax abatement under section 421-a as well as Brownfield Redevelopment Tax Credits.
