The property is conveniently located just off 233 Street near the Bronx River Parkway exchange, one block from the MTA subway station.
Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $31.878 million construction take-out loan for a new mixed-use apartment property with market-rate and affordable units located on Carpenter Avenue in Bronx, New York.
Senior Director Matt Nihan of Berkadia arranged the financing on behalf of the Sponsor, Stagg Group of New York. Stagg Group, a family-owned business founded in 1996, is 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.
Located at 4180 Carpenter Avenue, 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. In addition, the property has over 8,000 square feet of commercial space leased to Little Stars Daycare, and an 1,805-square-foot ancillary space. The property is 98% occupied.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
