Rester Management refinanced a 19-story apartment tower in Harlem with a $114 million HUD-backed loan from Dwight Capital. The building at 224 West 124th Street, completed in 2023, received the HUD 223(f) financing to replace an earlier $105 million loan.
The 223(f) program allows borrowers to refinance existing multifamily properties with FHA insurance backing. This loan structure typically appeals to developers holding newer buildings seeking permanent financing after stabilization. Harlem has seen substantial residential development in recent years, making this refinancing a sign of investor confidence in the neighborhood's rental market.
Dwight Capital continues building its HUD lending portfolio as rates stabilize. The refinance demonstrates demand for government-backed debt in New York City multifamily, where construction costs remain elevated and traditional financing options carry stricter terms.