PCCP, LLC announced it has provided a $31 million loan to Arc Real Estate Group, LLC for Solaria Riverdale, a 65-unit condominium project in the Riverdale section of the Bronx.
Arc, a New York-based development company, constructed the 20-story, full-service condominium property in 2007.
“With this loan from PCCP, Arc is financing the remaining condo units,” said John Randall, senior vice president out of PCCP, LLC’s New York City office. “Arc has built a very attractive, well-appointed, condominium project and this new financing will allow them to meet the growing demand for luxury living in the market’s best condominium project.”
“PCCP really understands the product and the market. They were user-friendly in working through the entire process,” noted Joseph Korff, principal of Arc Real Estate Group.
Located at 640 West 237th Street, Solaria Riverside is a full-service building and includes a rooftop terrace, playroom, gym, and activity room for owners as well as storage units, and on-site parking. There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River