NEW YORK CITY-Arc Real Estate Group has received a $31 million loan from PCCP for Solaria Riverdale, 65-unit condominium project in the Riverdale section of the Bronx. Arc constructed the 20-story, full-service condominium property in 2007.
“With this loan from PCCP, Arc is financing the remaining condo units,” says John Randall, SVP out of PCCP New York City office. “Arc has built a very attractive, well-appointed, condominium project and this new financing will allow the company to meet the growing demand for luxury living.”
Adds Joseph Korff, principal of Arc Real Estate Group, “PCCP really understands the product and the market. The firm was user-friendly in working through the entire process.”
Located at 640 W. 237th Street, Solaria Riverside is a full-service building that includes such amenities as 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 to the west, Manhattan to the south, and Long Island Sound to the east. Solaria condo unit owners benefit from below-market costs, given the long-term tax abatement.
Solaria has strong regional access because it is adjacent to the Henry Hudson Parkway (Route 9A) and is served by two Metro North commuter stations and the terminus of the “1” subway line. During peak morning and evening commuter times, the property has a shuttle that drops off and picks up residents at the local Metro-North station.
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