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224 West 124th Street

Updated May 11, 2026

Rester Management Secures $114 Million Refinance Loan For 168-Unit Multifamily Property In Central Harlem
FINANCEDMultiFamily

Rester Management Secures $114 Million Refinance Loan For 168-Unit Multifamily Property In Central Harlem

224 West 124th Street

$114,000,000

Units

168

Asset Type

MultiFamily

Closing

Apr 26, 2026

About this deal

AI

The property involved in the transaction is a multifamily asset located at 224 West 124th Street, in the Central Harlem market of Manhattan, comprising 168 units. The loan for this property is a refinance totaling $114,000,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $114,000,000
  • Address: 224 West 124th Street
  • Market: Central Harlem, Manhattan
  • Lender: Adam Offman, Jonathan Hurwitz, Ben Stoller & Josh Reiss - Dwight Capital
  • Landlord: Rester Management
  • Loan Type: Refinance

The deal was facilitated by the lenders who include Adam Offman, Jonathan Hurwitz, Ben Stoller, and Josh Reiss from Dwight Capital. Adam Offman, in a note, highlighted the popularity of HUD-insured financing in New York City for its long terms, low rates, and high proceeds, indicating its unique standing in the market.

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$114,000,000

MultiFamily

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Players

Dwight Capital
Dwight CapitalLender
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New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $678.6K per unit across 168 units on a published $114M (2026).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.14%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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