Saturday, September 28, 2013

PCCP, LLC Provides $31 Million Loan to Arc Real Estate Group, LLC for Luxury Condo Project in Riverdale Section of Bronx, NY

  
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.

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.

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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