Dwight Mortgage Trust originated a $70 million construction loan for the development at 33-35 West 125th Street, the Commercial Observer reported. The proceeds of the financing will go towards construction costs and the establishment of an interest reserve.
Back in the spring of 2022, Irgang filed plans with the Department of Buildings to build an approximately 144,000-square-foot property. The 195-foot-tall building would feature 21 stories with 162 residential units.
The project has since expanded to 180 units, ranging from studios to two-bedroom apartments. The development will also include 17,000 square feet of commercial space and residential amenities such as a fitness center, a rooftop terrace and a library.
Construction is expected to begin next year, according to Meridian; Irgang has owned the development site since 1991.
Existing site:
