Bronx Apartment High-Rise Scores $32M Construction Take-Out
Berkadia secured a $32.4-million construction take-out loan for The Riverdale Tower, an 89-unit residential high-rise in the Bronx. Senior director Matt Nihan arranged the financing on behalf of the developer, Stagg Group, reportedly the largest owner and operator of quality, affordable housing in the borough.
Berkadia provided a fixed-rate loan via Freddie Mac with a 10-year term. Proceeds of the loan will be used to retire the existing construction loan. The property is 100% occupied.
“The Riverdale Tower is a great example of how thoughtful, well-executed development and strong financing partnerships can deliver lasting value to the Bronx,” said Nihan. “This construction take-out loan underscores Stagg Group’s proven ability to deliver high-quality housing that supports long-term community growth.”
Located at 3745 Riverdale Ave., The Riverdale Tower was built in 2024 and is an 18-story high-rise offering a mix of studio, one- and two-bedroom units, with a mix of market-rate and affordable units.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout