Alfred Mitaj Secures $8.9M Construction Loan For Pelham Bay Development Site

Alfred Mitaj has secured a new construction loan of $8,965,000 from NorthEast Community Bank for a development site located at 1616 Crosby Avenue in Pelham Bay, Bronx. The development project involves a 31-unit, 21,433 square-foot R-2 building. The plans for the project were filed in February 2021 and permits were obtained in June 2022.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $8,965,000
• Address: 1616 Crosby Avenue, Pelham Bay, Bronx
• Market: Pelham Bay, Bronx
• Loan Type: Construction loan
• Lender: NorthEast Community Bank
• Landlord: Alfred Mitaj
• Asset Type: Development Site
• Building Square Feet: 21,433

The loan was secured by Alfred Mitaj for the development site located at 1616 Crosby Avenue in Pelham Bay, Bronx. NorthEast Community Bank provided a construction loan of $8,965,000 for the 31-unit, 21,433 square-foot R-2 building project. Alfred Mitaj, the landlord, will utilize the loan for the development. The plans for the project were filed in February 2021 and permits were obtained in June 2022.