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.
Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $32.4 million construction take-out loan for The Riverdale Tower, a brand new 89-unit residential high-rise in Bronx, New York.
Senior Director Matt Nihan of Berkadia arranged the financing on behalf of the developer, Stagg Group, the largest owner and operator of quality, affordable housing in the Bronx.
“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.”
“We’re immensely proud to bring The Riverdale Tower to the community,” said Mark Stagg, Founder and President of Stagg Group. “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. Partnering with Berkadia on this financing allows us to move forward with strength and stability while continuing to invest in the communities we serve.”
Founded in 1996, Stagg Group has been providing quality, affordable housing stock in the Bronx and the New York City metro area for over two decades. Mark Stagg, founder and president completed his first residential project in 1998. Dedicated to developing and constructing housing that raises the expectations of residents, and elevates communities, Stagg Group has constructed over 5,000 units of residential housing in the Bronx.
Located at 3745 Riverdale Avenue, The Riverdale Tower was built in 2024 and is an 18-story high-rise offering a mix of studio, one- and two-bedroom units ranging from 400 to 900 square feet. The property includes 27 affordable units tied to 421a tax abatement and 62 market-rate units. Apartments feature kitchens with modern stainless-steel appliances, granite countertops, kitchen islands, subway-style tiling, and chrome-finish hardware; high ceilings and natural hardwood floors; in-unit washer/dryer; and balconies in select apartments. Community amenities include a concierge, state-of-the art gym, community room, two spacious outdoor patios, pickleball court, and garage parking.
The property is conveniently located off the Henry Hudson Parkway, near the New York Botanical Garden, Bronx Zoo, and the Bronx’s historical Van Cortlandt Park.
