Stagg Group Secures $136.8M Construction Loan From NYC Housing Development Corporation For Longwood Development Site
1001 Whitlock Avenue
$136,800,000
$642/SF
Building Size
213,037 SF
Asset Type
Development Site
Closing
Jun 29, 2023
AI
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
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93