Stagg Group signs $14M construction loan with Valley National for development in Longwood Melrose

Stagg Group through the entity 305 East 165 Street LLC as borrower signed a new construction loan with lender Valley National Bank valued at $14 million for the development site (V0) at 305 East 165th Street in Longwood Melrose, Bronx.
The deal closed on August 6, 2021 and was recorded on August 26, 2021.
(220704753) Plans for a 72-unit, 47,997 square-foot R-2 were filed on May 26, 2020 and were permitted on April 9, 2021.
The loan price per buildable square foot is $292 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on 17-Jan-20, for $2.5 million.
The signatory for Stagg Group was Mark Stagg. The signatory for Valley National Bank was Donald K. Secrest.

Within a 400-foot radius of 305 East 165th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 11, 2020 for the $1.8 million renovation of 34,339-square-foot M building with N/A residential units at 1000 Morris Avenue.
One of those two items was a loan which Family Life Academy Charter School borrowed $40.8 million from Build NYC Resource Corp. bonds secured by the 0-square-foot, one-unit industrial (W1) on 316 East 165th Street and two other properties on January 11, 2021.

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