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Berkadia has secured a $31.878 million construction take-out loan for a newly completed mixed-use apartment development located at 4180 Carpenter Avenue in the Bronx. The financing was arranged by Matt Nihan, Senior Director at Berkadia, on behalf of the sponsor, Stagg Group, one of the largest owners and operators of affordable housing in the Bronx.
The loan, arranged through Freddie Mac, is a fixed-rate product with a 10-year term. Proceeds from the loan will be used to pay off the existing construction financing.
“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.
Completed in 2024, the five-story property features a mix of market-rate and affordable residential units. It includes nine market-rate studios, 55 market-rate one-bedroom units, one affordable studio, 23 affordable one-bedroom units, and four affordable two-bedroom units. Additionally, the property includes 8,000 square feet of commercial space, which is currently leased to Little Stars Daycare.
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