Dwight Mortgage Trust Lends $55M on Rockland County Multifamily Development

Sky Equity Group has landed $55 million of construction financing to develop a mixed-use multifamily project in New York’s Rockland County, Commercial Observer has learned,

Dwight Mortgage Trust closed the loan in a deal originated by Katie Goldenberg for the developer’s 104-unit project with 45,000 square feet of ground-floor retail space at 10 Ashel Lane in Kaser, N.Y. 

Located less than a mile from the hamlet of Monsey, one of the more prominent areas for the Orthodox and Hasidic Jewish population in the U.S., the 10 Ashel project is positioned to benefit from strong population growth in Kaser with its proximity to houses of worship, according to Dwight. 

The unit mix will include one- to four-bedroom apartments designed to accommodate multigenerational families, according to Dwight. The proposed retail component of the development will feature a kosher grocer and an urgent care provider.

SBH Group’s Steven Hersko arranged the transaction. 

Hersko credited Dwight with their market knowledge of Kaser when crafting the loan. 

“Despite the asset being in a more challenging tertiary location, they took the time to truly understand the market dynamics and delivered competitive pricing and leverage as a result,” Hersko said in a statement. 

Sky Equity, which is an affiliate of Simon Dushinsky’s Rabsky Group, did not immediately return a request for comment.

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