Inwood Developer Secures $150M To Build 19-Story Residential Tower

INWOOD, NY — An Inwood developer that has been working on constructing a new residential tower on Broadway recently secured hundreds of millions in funding for the project.

Last week, the Arden Group secured a $150 million construction loan for Sherman Plaza, a mixed-use building at 4650 Broadway.

The 19-story building will consist of 222 rental apartments on top of a 80,000-square-foot charter school and 38,000 more square feet of retail, the Commercial Observer reported. The commercial space is expected to be leased to a grocery tenant, Commercial Observer added.

The funding for the loan was provided by Banco Inbursa.

The newly secured money will continue a construction process that began in 2019 when Arden purchased the 4650 property for $54 million.

A one-story parking garage used to exist at the address, before it was demolished in 2021.

Renderings of the proposed design of the new Inwood building were released in January of this year, which illustrate a unique wedge-shaped structure that you can check out — HERE.

“Arden is proud to offer our residents an elevated and differentiated living experience by incorporating View Smart Windows at our new 4650 Broadway property,” said Craig A. Spencer, chairman and CEO of Arden Group, about the newly chosen windows.

The building is expected to be ready for residents by the end of 2025.

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