Carthage Real Estate Advisors and Rester Management have successfully secured $100 million in bridge financing through Dwight Mortgage Trust for the purpose of refinancing 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. Of these units, there are currently 51 that qualify as affordable housing under New York State’s expired tax-abatement program known as “421a”. The building offers an array of amenities such as a fitness center with yoga room and sauna facilities; a children’s playroom; business lounge; and rooftop deck complete with barbecue grills.
Part of the larger Marcus Garvey Village mixed-use development project encompassing over 300,000 square feet in total area – this particular property contributes approximately: (330) apartments; (3 ,200) square feet designated for commercial use ;and (7 ,164) square feet allocated towards community facilities.
