Arden Group has secured a $44 million floating-rate loan for the acquisition of 4650 Broadway, a development site in Inwood.
Newmark Knight Frank Vice Chairmen and Co-Heads of Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub, worked with Arden Group, along with Nick Scribani, Chris Kramer, Seth Hall and Ryan Flannery.
The loan was provided by SCALE Lending, the lending arm Martin Nussbaum’s and David Schwartz’s Slate Property Group.
4650 Broadway is a 47,350 s/f development site that faces Fort Tryon Park and is close to the A and 1 subway lines.
The contemplated development will feature over 300,000 s/f of both market rate and affordable residential units, above and below grade retail and community facility space. The property also features an Opportunity Zone designation. “Arden Group has identified a compelling development opportunity that is within a growing submarket in Manhattan and has secured the site at an attractive basis,” said Stolly.
“With ample light and air, access to abundant area amenities, and convenient transportation options, Arden Group will bring a new mixed-use, Class A development to the Inwood area,” added Roeschlaub.
Headquartered in Philadelphia with regional offices in New York City and Miami, Arden Group is a privately heldreal estate fund manager, investor and operator that owns and finances properties across the United States.
Since the company’s founding in 1989 by Craig A. Spencer, Arden Group has managed more than $8.0 billion of real estate assets and acquired and/or developed more than $4.0 billion of properties through joint ventures and discretionary investment funds.
