Stagg Group signs $10.6M construction loan with Valley National Bank for development in Riverdale

The Stagg Group through the entity 6375 Broadway LLC as borrower signed a new construction loan with lender Valley National Bank valued at $10.6 million for the development site (VN) at 6375 Broadway in Riverdale, Bronx.
The deal closed on June 10, 2021 and was recorded on July 7, 2021.
(220732946) Plans for a 77-unit, 45,823 square-foot R-2 were filed on May 20, 2020 and were permitted on January 14, 2021. The loan price per development square foot is $232 per the PincusCo analysis.
The owner bought the property on 29-May-20, for $4.8 million.
The signatory for Stagg Group was Mark Stagg.

Mark Stagg is the founder of Stagg Group.

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