Updated May 18, 2026
Paulin Durgaj Of Durgaj Properties Secures $10.9 Million Construction Loan For 41-Unit Development In Bronx
2276 Arthur Avenue
$10,900,000
Units
41
Asset Type
Development Site
Closing
May 1, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 2276 Arthur Avenue in the Bronx market. This site comprises 41 residential units and has a total built square footage of 27,736. The loan for this project amounts to $10,900,000, classified as a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,900,000
- Address: 2276 Arthur Avenue
- Market: Bronx
- Units: 41
- BSF: 27,736
- Lender: Northeast Community Bank
- Landlord: Paulin Durgaj - Durgaj Properties
Durgaj Properties, through 2278 Arthur Avenue LLC, secured the loan for the residential project. Northeast Community Bank acted as the lender for the financing of this development initiative.
On the Map
$10,900,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.46%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93