Berkadia Closes $31.9 Million Freddie Mac Takeout for Bronx Mixed-Income Apartments

Overview

• The financing covers 4180 Carpenter Avenue, a newly completed nine-story, 92-unit property in the Wakefield section of the Bronx.
• Originated by Berkadia senior director Matt Nihan, the loan retires a $24.5 million construction mortgage from Valley National Bank issued in January 2023.
• The building is roughly 98% leased and includes 64 market-rate units and 28 income-restricted apartments delivered under the 421a(16) tax abatement.
• About 8,000 square feet of ground-floor space is leased to Little Stars Daycare, adding a neighborhood-serving tenant to the property.
• Owner-developer Stagg Group is advancing nearby projects, with a separate $40 million acquisition loan secured in April for Webster Avenue sites in partnership with Madd Equities.