Berkadia secured a $32.4-million construction take-out loan for The Riverdale Tower, an 89-unit residential high-rise in the Bronx. Senior director Matt Nihan arranged the financing on behalf of the developer, Stagg Group, reportedly the largest owner and operator of quality, affordable housing in the borough. 

Berkadia provided a fixed-rate loan via Freddie Mac with a 10-year term. Proceeds of the loan will be used to retire the existing construction loan. The property is 100% occupied.

“The Riverdale Tower is a great example of how thoughtful, well-executed development and strong financing partnerships can deliver lasting value to the Bronx,” said Nihan. “This construction take-out loan underscores Stagg Group’s proven ability to deliver high-quality housing that supports long-term community growth.”

Located at 3745 Riverdale Ave., The Riverdale Tower was built in 2024 and is an 18-story high-rise offering a mix of studio, one- and two-bedroom units, with a mix of market-rate and affordable units.

Get ready to hear from the Southeast’s most influential multifamily leaders on December 4^th at Connect Southeast Multifamily. Join us to hear from and connect with the power players shaping the region’s growth — from top developers and investors to the most prominent lenders, owners, and advisors who are defining the next wave of opportunities. www.ConnectSEMF2025.com