Berkadia Provides $32M Construction Takeout Loan for Riverdale Resi Tower

Stagg Group has landed $32.4 million of construction takeout financing for a newly completed multifamily property in the Riverdale section of the Bronx, Commercial Observer has learned.

Berkadia originated the 10-year Freddie Mac-backed loan for The Riverdale Tower that was built in 2024. Matt Nihan, senior director at Berkadia, led the origination of the 89-unit complex at 3745 Riverdale Avenue. 

“The Riverdale Tower is a great example of how thoughtful, well-executed development and strong financing partnerships can deliver lasting value to the Bronx,” Nihan said in a statement. 

Located off the Henry Hudson Parkway, the 18-story building is 100 percent occupied with a mix of studio to two-bedroom apartments, according to Stagg Group. The property received a tax abatement under New York City’s former 421a program, as 27 of the units are designated as affordable housing. 

Community amenities include a fitness center, community room, pickleball court and garage parking. 

“Our mission has always been to expand access to quality housing in the Bronx, and this project reflects both the demand we continue to see and our long-standing commitment to the borough,” Mark Stagg, founder and president of Stagg Group, said in a statement. 

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