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

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.