Stagg Group signs $9.9M construction loan for 54-unit development in University Heights

The Stagg Group through the entity One Forty West Fordham Road LLC as borrower signed a new construction loan with lender Sterling National Bank valued at $9.9 million for the development site (V0) at 140 West Fordham Road in University Heights, Bronx.
The deal closed on June 4, 2021 and was recorded on June 29, 2021.

The owner bought the property on 23-Mar-20, for $3.0 million.
The signatory for Stagg Group was Mark Stagg.

There has been one new building permit application Those plans include a total of 54 residential units.

There has been one demolition project filed for the parcels over the past five years.
Mark Stagg is the founder of Stagg Group.
Within a 400-foot radius of 140 West Fordham Road, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $3.9 million and one initial temporary certificate of occupancy issuance for a project that initially costed $3.9 million. The most recent of these two items was the temporary certificate of occupancy on August 20, 2020 for a 68,348-square-foot E building with no residential units at 2336 Andrews Avenue North.
Of those four items, two were loans above $5 million totaling $21 million. The most recent of the two was Seton Education Partners which borrowed $11.2 million from Civic Builders secured by the 70,523-square-foot, five-unit development site (M1) on 2342 Andrews Avenue North on June 23, 2020.

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