Stagg Group signs $10.8M construction loan with Sterling National for development in Tremont

Stagg Group through the entity 915 Elsmere Place Bronx Assocites LLC as borrower signed a new construction loan with lender Sterling National Bank valued at $10.8 million for the development site (V0) at 915 Elsmere Place in Tremont, Bronx.
The deal closed on June 25, 2021 and was recorded on July 15, 2021.
(220538611) Plans for a 72-unit, 49,075 square-foot R-2 were filed on June 24, 2016 and were permitted on April 29, 2021.
The owner bought the property on 9-Jul-20, for $2.9 million.
The signatory for Stagg Group was Mark Stagg.

Mark Stagg is the founder of the Stagg Group.
Within a 400-foot radius of 915 Elsmere Place, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Atlantic Development Group bought two condo units in the 4,277-square-foot, 99-unit mixed-use building (RM) on 1926 Crotona Parkway and one other property for $5.2 million from Highbridge Community Development Corp. on May 26, 2020.
Of those three items, two were loans above $5 million totaling $58.2 million. The most recent of the two was Atlantic Development Group which borrowed $12.0 million from Deutsche Bank Ag, New York Branch secured by two condo units in the 4,277-square-foot, 99-unit mixed-use building (RM) on 1926 Crotona Parkway on July 23, 2020.

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