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| Solaria Riverdale condos, 640 West 237th Street Riverdale neighborhood, Bronx, NY |
New York, NY - PCCP, LLC announced it has provided a $31
million loan to Arc Real Estate Group, LLC for Solaria Riverdale,
65-unit condominium project in the Riverdale section of the Bronx in New York.
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| John Randall |
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.
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| Joe Korff |
Located at 640 West 237th Street, Solaria Riverside
is a full-service building and 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 excellent regional access given that 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.
Arc Real Estate is a 30-year-old New York–based real estate
company founded and led by Joe Korff. The firm has been actively
involved in Manhattan developments which includes condominium projects, hotels,
and land assemblage and also has projects along the East Coast.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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