NEW YORK, Nov. 5, 2019 /PRNewswire/ -- The developer Dynamic Star has appointed Meridian Capital Group to obtain equity and debt for Fordham Landing, a planned $3.5 billion development along the Harlem River in the University Heights neighborhood of The Bronx, NY.
The unparalleled, state-of-the-art development will be the largest land assemblage along a body of water in New York by a private developer, occupying 40 acres of mostly vacant land separating the Harlem River from the Major Deegan Expressway.
The site is adjacent to the revamped Metro North station at West Fordham Road and is located near the University Heights Bridge, which offers quick access to Manhattan.
Fordham Landing will provide a way for the community to access and utilize the waterfront and an array of planned amenities for the first time and will become a major new economic engine for the borough and the city.
"Meridian's first mission is to obtain $50 million of equity for Fordham Landing, followed by securing $100 million in debt financing for the multi-phased project," says Gary Segal, Dynamic Star's President and CEO. A spokesperson for Meridian says Managing Director Steven Adler has been assigned to seek equity for the development, while a team composed of Senior Managing Director Ronnie Levine, Vice Presidents Shamir Seidman and Thomas Wayda, and Associate Shlomo Weissberg will obtain debt financing.
New York City planning veteran Penny Lee joined Dynamic Star in December of 2017 as the Director of Planning and will be working closely on the development of the historic, one-of-a-kind project.
"We have carefully planned the components of the new Fordham Landing to complement and supplement the surrounding community, while creating a vibrant new economic center for The Bronx," says Ms. Lee. "For example, 30% of the apartments will be affordable housing, shopping will be available onsite, and the life sciences research center will fit well in a community that is heavily populated by academics."
The mixed-use community will total 2,380 residential units, consisting of 1,660 free-market apartments and 720 affordable housing units when complete. The unique development will also include student housing, a public school, life sciences research center, retail and commercial office space, an e-sports arena, public facilities for the neighboring community, and new waterfront access with riverfront amenities such as paddleboards and kayaks.
The riverfront will afford boating access to residents and will connect with the 25-acre Roberto Clemente Park, which offers sports, cultural activities and a playground. Additionally, the Metro North station currently situated below grade at West Fordham Road will be enlarged, modernized, and raised to street level. The community's various components are expected to span 5,000,000 square feet.
"The initial reactions we have received are enthusiastically positive," says Mr. Segal. "We understand this is a lot to digest for many stakeholders, so we are eager to proceed deliberately to ensure that all questions and concerns are addressed."
Dynamic Star is also known for its work in the burgeoning Long Island City area of Queens, where it has participated in the development of four major office and residential towers, totaling more than 3,000,000 square feet in the Queens Plaza vicinity.
Founded in 1991, Meridian Capital Group is America's most active dealmaker and one of the nation's leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world's leading real estate investors and developers, and the company's expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.
SOURCE Dynamic Star