Andrea Gjini Secures $26.18M Construction Loan From North East Community Bank For Development Site In Bronx
FINANCED
$26,185,500
New York
See Similar DealsDevelopment Site67,320 SF
Financed 05/16/2025
FINANCED
Andrea Gjini Secures $26.18M Construction Loan From North East Community Bank For Development Site In Bronx
19 East 198th Street
See Similar DealsDevelopment Site67,320 SF
Financed 05/16/2025
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$389
Total Square Footage:67,320 SF
Transaction Type:Loan
The property asset involved in this transaction is a development site located at 19 East 198th Street in the Bronx. This site encompasses a total square footage of 67,320 and is categorized as a development property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $26,185,500
- Lender: North East Community Bank
- Landlord: Andrea Gjini
- Loan Type: Construction
The transaction involves significant stakeholders including North East Community Bank as the lender providing the construction loan, and Andrea Gjini, who acts as the landlord for the property. This deal reflects a strategic move in the development market within the Bronx area.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$26,185,500.00
Monthly NOI$174,570.00
Monthly Debt Service$165,510.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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