Berkadia Supplies $32M Takeout Construction Loan for Bronx Apartments

Stagg Group has sealed $31.9 million in construction takeout financing on a newly completed  multifamily asset in the Bronx, Commercial Observer has learned.

Berkadia closed the 10-year Freddie Mac-backed, fixed-rate loan for the developer’s 92-unit apartment building at 4180 Carpenter Avenue in the Bronx’s Wakefield section that opened earlier this year with a portion of the residences designated as affordable housing. The deal, which was originated by Berkadia’s Matt Nihan, retired a $24.5 million construction loan that 

Valley National Bank provided in January 2023, Pincus Co. reported at the time. 

Nihan, senior director at Berkadia, said in a statement that the project provides the Bronx community with “much-needed high-quality income-restricted units built under the 421a(16) tax abatement program.”

Located just off of East 233rd Street, the nine-story building consists of 64 market-rate apartments and 28 affordable units. The 98-percent leased property also features 8,000 square feet of commercial space leased to Little Stars Daycare. 

Stagg Group, which was founded in 1996, is also planning an affordable housing development  along with a Fordham University dormitory project at nearby 2740 and 2768 Webster Avenue in the Bronx in partnership with Madd Equities. The co-developers secured a $40 million acquisition loan for the two development lots from LibreMax Capital in April, CO previously reported. 

Officials at Stagg Group did not immediately return a request for comment.

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