Berkadia Secures $31.9M Take-Out Financing for Mixed-Income Bronx Apartments
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 Senior Director Matt Nihan on behalf of the project sponsor, Stagg Group, which is recognized as the largest owner and operator of quality, affordable housing in the Bronx.
The loan, provided through Freddie Mac, features a fixed interest rate and a 10-year term. The proceeds will be used to refinance and retire the existing construction debt on the property.
“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.
Constructed in 2024, the five-story property comprises a mix of market-rate and affordable housing units. It includes nine market-rate studio apartments, 55 market-rate one-bedroom apartments, one affordable studio, 23 affordable one-bedrooms, and four affordable two-bedroom units. Additionally, the building features 8,000 square feet of ground-floor commercial space, currently leased to Little Stars Daycare.
This financing marks a significant step in supporting mixed-income housing in the Bronx while maintaining affordability and community services in a growing urban area.
