NEW YORK CITY — Berkadia has arranged a $32.4 million Freddie Mac construction take-out loan on behalf of The Stagg Group. The affordable housing developer, owner and investor will use the funds to retire the existing construction loan on The Riverdale Tower. The 89-unit property is 100 percent occupied. Berkadia’s Matt Nihan arranged the financing.
Located at 3745 Riverdale Ave., The Riverdale Tower was completed in 2024 and is an 18-story high-rise offering a mix of studio, one- and two-bedroom units ranging from 400 to 900 square feet. The property includes 27 affordable units tied to 421a tax abatement and 62 market-rate units. Rent restrictions were not disclosed. They vary for properties developed under this New York City tax exemption program based on local average incomes. Affordable rents are guaranteed for approximately 35 years. Amenities at The Riverdale Tower include a concierge, a fitness center, a community room, two outdoor patios, a pickleball court and garage parking.