Arben Mitaj Secures $26 Million Construction Loan From Kearny Bank For Bedford Park Development Site
3073 Villa Avenue
$26,000,000
Units
120
Asset Type
Development Site
Closing
Jun 18, 2026
AI
The property involved in this transaction is a development site located at 3073 Villa Avenue in Bedford Park, Bronx. The asset comprises a planned residential project expected to encompass 120 units across a total area of 120,714 square feet. The loan secured for this construction project amounts to $26 million.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $26,000,000
- Address: 3073 Villa Avenue
- Market: Bedford Park, Bronx
- Lender: Kearny Bank
- Landlord: Arben Mitaj
- Loan Type: Construction
- BSF: 120,714
Arben Mitaj, representing 3073 Villa LLC, is the key individual in this transaction, having secured the construction loan for the intended residential project. Kearny Bank serves as the lender facilitating the financing for the development site.
Players
Viola Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93