Arch gets $75M senior construction loan from Madison Realty for 138-unit Ridgewood tower

Jeffrey Simpson’s Arch Companies through the entity Ridgewood Tower LLC as borrower signed a loan agreement with lender Madison Realty Capital through the entity St. Nicholas Woodbine 1 LLC valued at $75 million for 5 parcels, including the tax class two-story or store and office (K2) at 54-31 Myrtle Avenue, 54-21 Myrtle Avenue, 3-36 St Nicholas Avenue, 3-50 St Nicholas Avenue, and 16-37 Woodbine Street in Ridgewood. The deal closed on January 29, 2021 and was recorded on March 1, 2021.

AB Capstone filed plans in January 2019 for a 190,737-square-foot mixed-use tower with 138 residential units.

The $75 million loan is composed of a $39.5 million building loan and a $35.5 million land loan. There is additional debt, with the entire loan package valued at $106 million, the Commercial Observer reported last month.  Target and Burlington Coat Factory have signed leases at the location, city records show. The last time the property sold was February 26, 2018 for $11,000,000.

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