Newmark Arranges $150M Construction Loan for Manhattan Mixed-Use Project

NEW YORK CITY — Newmark has arranged a $150 million construction loan for a 351,000-square-foot mixed-use project at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the 20-story building will house 222 residential units that will come in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Residential amenities will include a fitness center, lounge, screening room and a children’s play area. In addition, 4650 Broadway will house 120,000 square feet of commercial space. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark arranged the loan through Banco Inbursa on behalf of the borrower and developer, Philadelphia-based Arden Group. Construction is slated for a 2025 completion.