Libremax Provides $26M to Maddd Equities, Stagg Group for Bronx Land Acquisition

Jorge Madruga’s Maddd Equities and Mark Stagg’s Stagg Group have secured $26.5 million for their $40 million acquisition of two lots at 2740 and 2768 Webster Avenue in the Bronx, Commercial Observer can first report. 

LibreMax Capital provided the financing, while Cushman & Wakefield’s Brad Domenico arranged the credit transaction. 

The Real Deal reported Wednesday that Madruga and Stagg acquired the site for $40 million and plan to build an 800,000-square-foot mixed-use building with more than 500 dormitories for nearby Fordham University plus 485 units of affordable housing. 

C&W’s Jonathan Squires, Josh Neustadter and Austin Weiner arranged the sale. 

The residential development eyed by Madruga and Stagg has been in the works for five years and aims to bring two adjacent lots together, along with additional air rights from a nearby Metropolitan Transit Authority track, to build the massive mixed-use housing complex.

Fordham University sits directly across the street from the site. 

The development is expected to break ground on its first phase before 2025 is out, while construction of the affordable housing component will begin in 2026. 

Libremax, Maddd Equities, Stagg Group and C&W declined to comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com