Updated Mar 11, 2025
JRNK LLC Secures $6M Construction Loan For Residential Project In University Heights, Bronx
2216 Aqueduct Ave E Bronx, NY 10453, USA
$6,000,000
$344/SF
Building Size
17,396 SF
Asset Type
Development Site
Closing
Jul 31, 2023
About this deal
AI
An loan has been secured by Ndricim Kastrati, representing JRNK LLC, for a new construction project at 2216 Aqueduct Avenue in University Heights, Bronx. The loan amount is $6,000,000 and has been provided by Bayport Funding.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,000,000
- Address: 2216 Aqueduct Avenue, University Heights, Bronx
- Market: University Heights, Bronx
- Asset Type: Development Site
- Building Square Footage (BSF): 17,396
- Lender: Bayport Funding
- Landlord: Ndricim Kastrati
The loan obtained by Ndricim Kastrati from Bayport Funding is a construction loan for a 25-unit residential project in University Heights, Bronx. This funding will support the development and construction of the project, providing housing options in the area.
On the Map
$6,000,000
$344/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93