Arden Group Lands $150M Loan to Build Inwood Residential Building
By Mark Hallum April 19, 2023 10:00 amreprints
The Arden Group has secured a $150 million construction loan to turn a former parking garage site at 4650 Broadway in Inwood into a 19-story residential building.
Banco Inbursa provided the loan for the development near Fort Tryon Park, according to Newmark (NMRK), which helped secure the financing. It will consist of 222 residential units — with about 30 percent of them deemed affordable housing — as well as space for an 80,000-square-foot charter school and 38,000 square feet of retail.
Newmark’s Jordan Roeschlaub, Dustin Stolly and Chris Kramer brokered the financing.
The Philadelphia-based Arden bought the property for $54 million in 2019 and filed plans in 2021 to raze the one-story parking garage, The Real Deal reported. Aside from the residential units, Arden also plans underground parking and about 15,000 square feet of retail to be leased to a grocery tenant, according to Newmark.
The residential units will start at the fourth floor of the building, and there will be access to a roof terrace when it is completed in the summer of 2024, according to Justin Gardinier, managing director of Arden Group. The site is near Broadway and Dongan Place, across from Fort Tryon Park and not far from The Cloisters museum.
Banco Inbursa, based in Mexico City, recently lent $165 million in construction financing to Silverstein Properties which is building a 13-story development in Astoria, Queens, at 44-01 Northern Boulevard, Commercial Observer previously reported.
Banco Inbursa could not be reached for comment.
Mark Hallum can be reached at firstname.lastname@example.org.