Randall and Siu of PCCP negotiate $31 million loan for 65-unit Bronx condo project; provided for Arc Real Estate Group, developer of the 20-story property

PCCP, LLC has provided a $31 million loan to Arc Real Estate Group, LLC for Solaria Riverdale, 65-unit condominium project in the Riverdale section. 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'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." Randall and Victor Siu of PCCP were the deal managers. "PCCP really understands the product and the market. They were user-friendly in working through the entire process," said Joseph Korff, principal of Arc. Located at 640 West 237th St., 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 regional access given that it is adjacent to the Henry Hudson Pwy. (Rte. 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 is a 30-year-old New York-based real estate company founded and led by 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.