Berkadia Closes $31.9 Million Freddie Mac Takeout for 92-Unit Bronx Building

Overview

• Berkadia finalized a $31.9 million, 10-year fixed-rate loan backed by Freddie Mac for Stagg Group’s new apartment building at 4180 Carpenter Avenue in the Bronx.
• The nine-story property is reported 98% leased with 92 units split between 64 market-rate and 28 income-restricted apartments, plus 8,000 square feet leased to Little Stars Daycare.
• The permanent financing retires a $24.5 million construction loan that Valley National Bank originated in January 2023.
• Berkadia senior director Matt Nihan originated the takeout, highlighting the delivery of income-restricted units under the 421a(16) tax abatement program.
• Coverage includes a conflicting report that cited a $319 million loan amount, but the confirmed figure for the Freddie Mac financing is $31.9 million.