Stagg Group borrows $31M from Berkadia for newly completed rental in Kingsbridge

Mark Stagg’s Stagg Group through the entity 3069 Cannon Place, LLC as borrower signed a loan agreement with lender Berkadia assign to Fannie Mae through the entity Berkadia Commercial Mortgage LLC valued at $31.2 million for 1 parcel containing 120 residential units at 3069 Cannon Place also known as 3482 Ft. Independence Street in Kingsbridge. The deal closed on March 13, 2020 and was recorded on March 24, 2020.
The property contains a total of 103,552 square feet of built space.
The average loan per unit is $335,699.
This is a version of a take-out loan. A $17 million construction loan from Valley National Bank and $14 million lent by JLM Contracting were combined and refinanced by Berkadia, which then assigned the loan to Fannie Mae. The last time the property sold was December 16, 2014, for $3,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 120 residential units on November 26, 2019.
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 $60,000.There has been one new building permit application totaling 81,832 square feet. Those plans include a total of 120 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link