Stagg Group signs $17.1M construction loan for 101-unit project in Riverdale

Stagg Group through the entity 5278 Post Road LLC as borrower signed a new construction loan with lender Valley National Bank valued at $17.1 million for a development site including the development parcel (VN) at 5278 Post Road in Riverdale, Bronx and development site (VN) at N/A Broadway in Riverdale, Bronx.
The deal closed on June 10, 2021 and was recorded on July 8, 2021.
The loan price per the 68,111 buildable square foot is $251 per the PincusCo analysis.
The signatory for Stagg Group was Mark Stagg.
(240275796) Plans for a 101-unit, 68,111 square-foot R-2 were filed on June 18, 2020 and were permitted on December 23, 2020.
Within a 400-foot radius of 5278 Post Road, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on January 22, 2021 for the $700,000 renovation of 4,465-square-foot R-2 building with five residential units at 5276 Post Road.

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