A joint venture between Dynamic Star, Namdar Realty Group and Gorjian Acquisitions has sealed a $70 million debt package to refinance a planned mixed-use development in the Bronx, Commercial Observer can first report.
Signature Bank and Columbia Pacific Advisors provided the 12-month, floating-rate loan for the sponsorship’s Fordham Landing project, which sits on 14 acres of underutilized property. The deal was closed by Signature Bank’s Ken Stagnari and Joe Fingerman along with Columbia Pacific’s Will Nelson.
Meridian Capital Group’s Shlomo Weissberg arranged the transaction out of the company’s New York City headquarters.
Located along the Harlem River at 2475 Exterior Street, Fordham Landing is considered one of the last pieces of undeveloped waterfront property in New York City. The site sits adjacent to the Bronx’s University Heights neighborhood and is less than half a mile from Yankee Stadium.
Development plans at Fordham Landing involve more than 2.5 million square feet of mixed-use projects including a conference center, restaurants and entertainment venues. It will also include community space and open space for playing fields.
Connecticut-based Dynamic Star added Namdar Realty Group and Gorjian Acquisitions as partners in the Fordham Landing project last year.