Arden Group signs $141.5M refi loan with Starwood for 222-unit rental in Washington Heights
Arden Group through the entity Aqozfi Inwood, LLC as borrower signed a refi loan with lender Starwood Property Trust through the entity Starwood Property Mortgage Sub-14-A, L.L.C. valued at $141.5 million for the 222-unit residential elevator building (D6) at 4650 Broadway in Washington Heights, Manhattan.
The deal closed on July 28, 2025 and was recorded on August 1, 2025. The prior lender was Banco Inbursa which held debt that had an original loan amount of $150 million. The property has 315,062 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $449 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 12, 2019, for $54 million. The signatory for Arden Group was Joseph S. Caruso . The signatory for Starwood Property Trust was Joseph Rothenberg .
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Justin Gardinier, head officer and Joseph Caruso, officer. The business entities are Rose Property Mgmt Grp Llc and Aqozfi Inwood, Llc. The 315,062-square-foot property generated revenue of $11.5 million or $37 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 222 residential units in Washington Heights has 315,062 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 180 feet and is 204 feet deep with a total lot size of 47,175 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $31.2 million. The most recent loan totaled $150 million and was provided by Banco Inbursa on April 14, 2023.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,780 in ECB penalties and $3,830 in OATH penalties in the last year.
Development
On the lot, there is one active new building construction project, M00628716, for a 222-unit, 258,443 square-foot R-2 building. The project was submitted by Arden Group and filed by Joseph Caruso with plans filed November 29, 2021 and permitted January 12, 2024.
The block
On this tax block, PincusCo has identified the owners of 22 of the 31 commercial properties representing 907,246 square feet of the 1,291,095 square feet. The largest owner is Parkoff Organization, followed by John Ilibassi and then Florence Edelstein.
On the tax block, there was one new building construction project filed totaling 258,443 square feet. It is a 222-unit, 258,443 square-foot residential (R-2) building submitted by Arden Group and filed by Joseph Caruso with plans filed November 29, 2021 and permitted January 12, 2024.
The majority, or 73 percent of the 1.3 million square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.
The borrower
The PincusCo database currently indicates that Arden Group owned at least three commercial properties with 222 residential units in New York City with 286,952 square feet and a city-determined market value of $80.6 million. (Market value is typically about 50% of actual value.) The portfolio has $330 million in debt, with top three lenders as Banco Inbursa, SCALE Lending, and Maxim Capital Group respectively. Within the portfolio, the bulk, or 100 percent of the 286,952 square feet of built space are hotel properties, with development properties next occupying 0 percent of the space. They are all located in Manhattan.
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