Stagg Group borrows $13.5M from Berkadia for new multifamily in Riverdale

Stagg Group through the entity St George Gardens, LLC as borrower signed a loan agreement with lender Berkadia Commercial Mortgage to Fannie Mae. through the entity Berkadia Commercial Mortgage LLC valued at $13.5 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) and containing 56 residential units at 186 St Georges Crescent in Riverdale. The deal closed on July 28, 2020 and was recorded on August 13, 2020.
The property contains a total of 43,250 square feet of built space.
The average loan per unit is $241,911.
The signatory for the borrower was Mark Stagg. The last time the property sold was March 29, 2017, for $2,358,000. Berkadia assigned the debt to Fannie Mae.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 56 residential units on March 6, 2020.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $65,000.There has been one new building permit application totaling 43,250 square feet. Those plans include a total of 56 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link