Arden Group Fetches $44M Loan for Inwood Multifamily Development Site
Facing the neighborhood staple Fort Tryon Park, plans for the development could include up to 300,000 square feet of both market-rate and affordable residential units.
NEW YORK CITY – The Arden Group, a real estate investment firm based in Philadelphia, Pa., has secured a $44 million SCALE Lending loan for the development of 46-50 Broadway, a 47,350 square foot development site in the Manhattan submarket of Inwood. Newmark Knight Frank arranged the financing.
Facing the neighborhood staple Fort Tryon Park, plans for the development could include up to 300,000 square feet of both market-rate and affordable residential units and above and below-grade retail and community facility space. The asset is also situated in an Opportunity Zone boasting significant tax benefits the Arden Group plans to capitalize on.
Arden Group has identified a development opportunity in a high growth submarket, and for free-market housing, an asset type highly desired in the New York City market after rent regulation halting the repositioning of rent-stabilized units passed in June, Newmark’s Dustin Stolly tells GlobeSt.com.
“Inwood’s strong population growth and its access to transit have become more attractive to institutional investors,” he said.
And for an acquisition in a growing submarket, the Arden Group acquired the development property at an attractive basis, and it will contribute to the community’s renewal, Stolly added. “This development site opportunity allowed Arden a chance to put together an effective plan that will encompass affordable and market-rate housing as well as street-level retail and a much-needed community facility,” he said.
Competition for free market-rate units are expected to increase in the upcoming quarters as real estate investors work their heads around the regulatory landscape and adjust their portfolios and business plans amid the changes in the multifamily sector, GlobeSt.com recently reported.