Stagg Group signs $24.2M refi with Berkadia for 82-unit rental in Wakefield

Stagg Group through the entity 4435 White Plains Road LLC as borrower signed a refi loan with lender Berkadia Commercial Mortgage through the entity Berkadia Commercial Mortgage LLC valued at $24.2 million for the 82-unit residential elevator building (D7) at 4435 White Plains Road in Wakefield, Bronx.
The deal closed on October 1, 2024 and was recorded on November 8, 2024. The prior lender was Community Preservation Corporation which held debt that had an original loan amount of $13.4 million. The property has 70,053 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $345 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 signatory for Stagg Group was Mark Stagg. The signatory for Berkadia Commercial Mortgage was Amy Jesberger.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Cristanir Arroyo, head officer and Javier Monroy, site manager. The business entity is 4435 White Plains Road Llc.

The property

The residential elevator building with 82 residential units in Wakefield has 70,053 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 122 feet and is 147 feet deep with a total lot size of 18,008 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $948,000. The most recent loan totaled $13.4 million and was provided by Community Preservation Corporation on November 22, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations, five housing violations, and two housing litigations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 8, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 39,921 square feet of the 58,123 square feet. The two identified owners are Stagg Group and Better Haven Foundation, Vocational Instruction Project Community Services.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 58,123 square feet of built space are elevator buildings, with retail buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Stagg Group owned at least 168 commercial properties with 3,510 residential units in New York City with 2,461,318 square feet and a city-determined market value of $343.3 million. (Market value is typically about 50% of actual value.) The portfolio has $863.2 million in debt, with top three lenders as Berkadia Commercial Mortgage, NYC Housing Development Corporation, and Valley National Bank respectively. Within the portfolio, the bulk, or 78 percent of the 2,461,318 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. They are all located in Bronx.

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