Updated Dec 4, 2024
Spaxel Secures $28.9M Construction Loan For Bronx Development
1824 Anthony Avenue
$28,904,722
Units
128
Asset Type
Development Site
Closing
Oct 23, 2023
About this deal
AI
Spaxel, represented by the entity 1824 Anthony Avenue LLC, secured a new construction loan valued at $28.9 million from Metropolitan Commercial Bank for a 128-unit development at 1824 Anthony Avenue in Mt Hope, the Bronx. The development site spans approximately 45,000 square feet. The loan will be used for the construction of the project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $28,904,722
- Lender: Jay Shah & Ross Dahmen - Metropolitan Commercial Bank
- Landlord: Granit Gjonbalaj - Spaxel
- Address: 1824 Anthony Avenue
- Market: Mt Hope, Bronx
- Asset Type: Development Site
- BSF: 45,000
Granit Gjonbalaj, the landlord, and Spaxel, represented by 1824 Anthony Avenue LLC, successfully secured a new construction loan from Metropolitan Commercial Bank. The loan amount of $28.9 million will be utilized for the development of a 128-unit project at 1824 Anthony Avenue in Mt Hope, Bronx. Jay Shah & Ross Dahmen of Metropolitan Commercial Bank act as the lenders in this transaction.
On the Map
$28,904,722
Development Site
View full map
Players
Bronx Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93