The developer behind the $3.5 billion Fordham Landing project in the Bronx has tapped Meridian Capital to raise equity and debt for the project.
Dynamic Star’s 40-acre land assemblage is the largest along a body of water in New York by a private developer.
Separating the Harlem River from the Major Deegan Expressway, the mostly vacant land is to be transform into a mixed-use community that will ultimately feature 2,380 residential units, consisting of 1,660 free-market apartments and 720 affordable housing units.
The development will also include student housing, a public school, life sciences research center, retail and commercial office space, an e-sports arena, public facilities for the neighboring community, and new waterfront access with riverfront amenities.
The Metro North station at West Fordham Road will be enlarged and raised to street level.
“Meridian’s first mission is to obtain $50 million of equity for Fordham Landing, followed by securing $100 million in debt financing for the multi-phased project,” said Gary Segal, Dynamic Star’s President and CEO.
Meridian managing director Steven Adler is leading the equity search while team including Ronnie Levine, Shamir Seidman, Thomas Wayda and Shlomo Weissberg will obtain debt. “The initial reactions we have received are enthusiastically positive,” added Segal. “We understand this is a lot to digest for many stakeholders, so we are eager to proceed deliberately to ensure that all questions and concerns are addressed.”