Berkadia Secures Construction Take-out Loan for Mixed-Use Community with Affordable Units in the Bronx
NEW YORK – October 27, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $31.878 million construction take-out loan for a new mixed-use apartment property with market-rate and affordable units located in Bronx, New York.
Senior Director Matt Nihan of Berkadia arranged the financing on behalf of the sponsor, Stagg Group of New York. Stagg Group, a family-owned business founded in 1996, is the largest owner and operator of quality, affordable housing in the Bronx.
Berkadia provided a fixed-rate loan via Freddie Mac with a 10-year term. Proceeds of the loan will be used to retire the existing construction loan.
“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.
Located at 4180 Carpenter Avenue, the five-story property was built in 2024 and offers nine market-rate studios and 55 market-rate one-bedrooms, along with one affordable studio unit, 23 affordable one-bedroom units and four affordable two-bedroom units. In addition, the property has over 8,000 square feet of commercial space leased to Little Stars Daycare, and an 1,805-square-foot ancillary space. The property is 98% occupied.
Berkadia Supplies $32M Construction Take-out Loan for Bronx Apartments | Commercial Observer
Berkadia Secures Construction Take-Out Loan for Bronx Apartments | Connect Media
Berkadia Writes $31.9M Freddie Loan for Bronx, NY Apartments | Commercial Real Estate Direct
Berkadia Provides $31.8M Refinancing for Mixed Income Apartments | Real Estate Business Online