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Berkadia Funds $31.8M Bronx Mixed-Use Housing Development

10/29/2025

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Summary

Story summary

Berkadia provided a $31.878 million construction take-out loan for a mixed-use building at 4180 Carpenter Avenue, Bronx, arranged by Matt Nihan, Senior Director at Berkadia, retiring the $24.5 million loan.
The building has 64 market-rate units and 28 affordable units, plus 8,000 sf of space leased to Little Stars Daycare.
Stagg Group plans to provide income-restricted units under the 421a(16) tax abatement and to pursue more Bronx affordable housing.

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Story summary

Berkadia provided a $31.878 million construction take-out loan for a mixed-use building at 4180 Carpenter Avenue, Bronx, arranged by Matt Nihan, Senior Director at Berkadia, retiring the $24.5 million loan.
The building has 64 market-rate units and 28 affordable units, plus 8,000 sf of space leased to Little Stars Daycare.
Stagg Group plans to provide income-restricted units under the 421a(16) tax abatement and to pursue more Bronx affordable housing.