Dynamic Star Hunts Financing for $3.5B Bronx Riverfront Development
The firm has tapped Meridian Capital Group to secure financing for the project called Fordham Landing.
NEW YORK CITY – Dynamic Star, a private real estate development firm, is on the hunt for capital to fund a $3.5 billion riverfront development along the Harlem River in the Bronx neighborhood University Heights. The firm has tapped Meridian Capital Group to secure financing for the project called Fordham Landing, one of the largest privately-owned land assemblages to grace a riverfront in New York, totaling 40 acres of vacant land.
Meridian is tasked to obtain $50 million of equity financing and $100 million in debt financing for the multi-phased Bronx project, according to Gary Segal, Dynamic Star’s president and CEO.
Dynamic Star has longstanding roots in the boroughs, which includes development activity in Long Island City, Queens, where it has built four major office and residential towers, totaling more than 3,000,000 square feet at Queens Plaza. The firm looks to bring that same revitalization to the Bronx.
The planned mixed-use development will provide community access to the waterfront and feature amenities meant to serve as an economic boost to the submarket and borough, according to Penny Lee, director of Planning at Dynamic Star.
When completed, the mixed-use community will total 2,380 residential units, consist 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 paddle boards and kayaks.
Adjacent to Fordham Landing, which separates the Harlem River and Major Deegan Expressway, is the Metro North station and West Fordham Road near University Heights Bridge that provides direct access to Manhattan.