Berkadia Secures Construction Take-Out for Mixed-Income Bronx Apartments
Berkadia secured a $31.878-million construction take-out loan for a new mixed-use apartment property with market-rate and affordable units located at 4180 Carpenter Ave. in the Bronx. Senior director Matt Nihan arranged the financing on behalf of the sponsor, Stagg Group, reportedly the largest owner and operator of quality, affordable housing in the Bronx.
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 Berkadia team successfully secured long-term, fixed-rate agency financing for this multifamily development, providing the community with much-needed high-quality income-restricted units built under the 421a(16) tax abatement program,” said Nihan.
The five-story property was built in 2024 and offers nine market-rate studios and 55 market-rate one-bedrooms, along with one affordable studio unit, 23 affordable one-bedroom units and four affordable two-bedroom units. It has 8,000 square feet of commercial space, leased to Little Stars Daycare.
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Brokers
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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
Lenders
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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