Carthage Real Estate Advisors and Rester Management have successfully secured $100 million in bridge financing through Dwight Mortgage Trust for the refinancing of West Harlem’s 224 W 124 multifamily property. This loan will not only settle existing construction debt, but also provide support for ongoing development.
The property, located at 224 West 124th Street, boasts a total of 168 units including one- to three-bedroom apartments, townhomes and penthouses. Notably, among these units are 51 that qualify as affordable housing under New York State’s expired tax-abatement program known as “421a.” Residents can enjoy various amenities such as a fitness center with yoga room and sauna, children’s playroom, business lounge and rooftop deck complete with barbecue grills.
Part of the larger mixed-use development known as Marcus Garvey Village , this property contributes to a space spanning over300 square feet which includes330 apartments ,3 square feet commercial spaceand7 designated community facilities . With its prime location in Harlem combined with its impressive features and contribution to the surrounding area,this residential tower is poised for continued success.
