Dwight Mortgage Trust Lends $70M for 180-Unit Harlem Multifamily Tower

A joint venture between Irgang Group and Pramukh Realty has secured $70 million of construction financing to develop a multifamily project in Harlem, Commercial Observer has learned.

Dwight Mortgage Trust (DMT) originated the loan for the sponsorship’s planned 180-unit apartment building at 33-35 West 125th Street on a development site the Irgang family has owned since 1991. Loan proceeds will fund ground-up construction costs and establish an interest reserve, according to DMT. 

“This project represents a meaningful continuation of our family’s investment in Harlem,” Mark Irgang said in a statement. “We’ve been part of this community for more than three decades and are proud to play a role in its continued growth and renewal.”

Keith Hoffman, managing director at DMT, and Dustin Braham, vice president, originated the transaction.

Meridian Capital Group negotiated the financing with a team led by Simon Rosenfeld and Ariel Taieb. 

The Irgang Group filed building permits for 33-35 West 125th Street in 2022 for a proposed 21-story building, New York YIMBY reported at the time. The property is eligible for a 35-year tax abatement under the former 421a program since 30 percent of the units will be designated as affordable housing, according to DMT. 

Construction on the residential complex is slated to begin in 2026, according to Meridian. 

“The Irgangs’ long-term presence on 125th Street, combined with Dwight Mortgage Trust’s ability to deliver efficient and flexible capital, made this transaction especially rewarding,” Rosenfeld said in a statement. 

The 33-35 West 125th project will consist of studio, one- and two-bedroom apartments along with 17,440 square feet of commercial space on the lower floors. Community amenities will include a fitness center, rooftop terrace and library.

Andrew Coen can be reached at acoen@commercialobserver.com.