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Stagg Group Secures $136.8M Construction Loan From NYC Housing Development Corporation For Longwood Development Site

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FINANCED
$136,800,000

New York

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Development Site213,037 SF
Financed 06/29/2023
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Property Image
FINANCED

Stagg Group Secures $136.8M Construction Loan From NYC Housing Development Corporation For Longwood Development Site

1001 Whitlock Avenue

See Similar Deals
Development Site213,037 SF
Financed 06/29/2023
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$642
Total Square Footage:213,037 SF
Transaction Type:Loan

The Stagg Group, led by Mark Stagg, has secured a new construction loan valued at $136.8 million from the NYC Housing Development Corporation for the development project at 1001 Whitlock Avenue in Longwood, Bronx. The loan will be used to support the construction of the development on this development site, which spans 213,037 square feet.

Summary of Transaction Details

  • Property Type: Development Site
  • Transaction Amount: $136,806,337
  • Address: 1001 Whitlock Avenue
  • Market: Longwood, Bronx

This loan transaction marks an important step for the Stagg Group as they continue with their development project in Longwood, Bronx. They will work in conjunction with the NYC Housing Development Corporation as the lender for this project. As the landlord and developer, the Stagg Group, under the leadership of Mark Stagg, will oversee the construction process and ensure the successful completion of 1001 Whitlock Avenue.

Players

NYC Housing Development Corporation
NYC Housing Development Corporation
LENDER
Mark Stagg
Mark Stagg
14 deals$357.8M volume
LANDLORD

Details

FINANCED
IMAGE: Mark Stagg DATE: 06/29/2023 ADDRESS: 1001 Whitlock Avenue MARKET: Longwood, Bronx ASSET TYPE: Development Site ~ BSF: 213,037 LENDER: NYC Housing Development Corporation LANDLORD: Stagg Group (@Stagg_Group) - Mark Stagg LOAN AMOUNT: $136,806,337 LOAN TYPE: Construction NOTE: Stagg Group secured a new construction loan valued at $136.8 million from NYC Housing Development Corporation for the development project at 1001 Whitlock Avenue in Longwood, Bronx.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$136,800,000.00

Monthly NOI$912,000.00
Monthly Debt Service$864,669.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00