Mark Stagg’s Stagg Group borrows $38.3M from Newmark, Berkeley Point Capital for multifamily property in the Bronx

Mark Stagg’s Stagg Group obtained financing totaling $38.3M from Newmark Knight Frank and its affiliate Berkeley Point Capital for four multifamily properties in the Bronx. The prior debt on the buildings was provided by Berkadia Commercial Mortgage and totaled $36.6 million. The properties were all completed between 2014 and 2016, and have a total of 193 residential units.

The loans were executed in four separate transactions laid out below.

In the first, the Stagg Group through the entity Tyler’s Dimes LLC as borrower signed a loan agreement with lender Berkeley Point Capital LLC valued at $18.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 81 residential units at 1650 Undercliff Avenue in Highbridge. The deal closed on November 19, 2019 and was recorded on December 6, 2019.
The property contains a total of 66,368 square feet of built space.
The average loan per unit is $222,407.
The last time the property sold was December 28, 2012, for $1,450,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 81 residential units on July 30, 2014.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $505,180.There has been one new building permit application totaling 66,368 square feet. Those plans include a total of 81 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second deal, the Stagg Group through the entity Bronx Living LLC as borrower signed a loan agreement with lender Berkeley Point Capital LLC valued at $9.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 40 residential units at 1138 Teller Avenue in Longwood Melrose. The deal closed on November 19, 2019 and was recorded on December 6, 2019.
The property contains a total of 30,165 square feet of built space.
The average loan per unit is $224,075.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 40 residential units on May 6, 2016.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 28,889 square feet. Those plans include a total of 40 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third, the Stagg Group through the entity Noche’s Express, LLC as borrower signed a loan agreement with lender Berkley Point Capital through the entity Berkeley Point Capital LLC valued at $5.8 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 39 residential units at 3185 Villa Avenue in Riverdale. The deal closed on November 19, 2019 and was recorded on December 6, 2019.
The property contains a total of 27,462 square feet of built space. The property has 30,112 square feet of available development rights.
The average loan per unit is $149,359.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 39 residential units on May 19, 2014.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the fourth, the Stagg Group through the entity Ryty Forever, LLC as borrower signed a loan agreement with lender Berkley Point Capital through the entity Berkeley Point Capital LLC valued at $5.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 33 residential units at 1690 Nelson Avenue in Highbridge. The deal closed on November 19, 2019 and was recorded on December 6, 2019.
The property contains a total of 23,824 square feet of built space.
The average loan per unit is $166,182.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 33 residential units on September 26, 2014.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link