{"id":18576,"date":"2025-10-27T16:49:07","date_gmt":"2025-10-27T16:49:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/18576\/"},"modified":"2025-10-27T16:49:07","modified_gmt":"2025-10-27T16:49:07","slug":"berkadia-supplies-32m-takeout-construction-loan-for-bronx-apartments-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/18576\/","title":{"rendered":"Berkadia Supplies $32M Takeout Construction Loan for Bronx Apartments \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/stagg-group\/\" title=\"Stagg Group\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Stagg Group<\/a> has sealed $31.9 million in construction takeout financing on a newly completed\u00a0 multifamily asset in the Bronx, Commercial Observer has learned.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/berkadia\/\" title=\"Berkadia\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Berkadia<\/a> closed the 10-year Freddie Mac-backed, fixed-rate loan for the developer\u2019s 92-unit apartment building at 4180 Carpenter Avenue in the Bronx\u2019s Wakefield section that opened earlier this year with a portion of the residences designated as affordable housing. The deal, which was originated by Berkadia\u2019s Matt Nihan, retired a $24.5 million construction loan that\u00a0<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/?p=552466\" rel=\"nofollow noopener\" target=\"_blank\">RFR\u2019s Aby Rosen On Midtown Rents, Amazon, Mamdani, the Chrysler Building and More<\/a><\/p>\n<p>Valley National Bank provided in January 2023, Pincus Co. <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/www.pincusco.com\/stagg-group-signs-24-5m-construction-loan-with-valley-national-for-92-unit-project-in-wakefield\/\">reported<\/a> at the time.\u00a0<\/p>\n<p>Nihan, senior director at Berkadia, said in a statement that the project provides the Bronx community with \u201cmuch-needed high-quality income-restricted units built under the 421a(16) tax abatement program.\u201d<\/p>\n<p>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.\u00a0<\/p>\n<p>Stagg Group, which was founded in 1996, is also planning an affordable housing development\u00a0 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 <a href=\"https:\/\/commercialobserver.com\/2025\/04\/libremax-26m-maddd-equities-stagg-group-bronx-land-acquisition\/\" rel=\"nofollow noopener\" target=\"_blank\">reported<\/a>.\u00a0<\/p>\n<p>Officials at Stagg Group did not immediately return a request for comment.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2025\/10\/berkadia-bronx-apartments-affordable-housing\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"Stagg Group has sealed $31.9 million in construction takeout financing on a newly completed\u00a0 multifamily asset in the&hellip;\n","protected":false},"author":2,"featured_media":18577,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[128,12727,9,24,63,129,131,130],"class_list":["post-18576","post","type-post","status-publish","format-standard","has-post-thumbnail","category-the-bronx","tag-bronx","tag-matt-nihan","tag-new-york","tag-new-york-city","tag-nyc","tag-the-bronx","tag-the-bronx-headlines","tag-the-bronx-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/18576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=18576"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/18576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/18577"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=18576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=18576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=18576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}