Updated Oct 26, 2026
Gjovan Rroku Secures $16.2 Million Construction Loan From Northeast Community Bank For 38 Units In Bronx
308 East 162nd Street
$16,200,000
Units
38
Asset Type
Development Site
Closing
Oct 16, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 308 East 162nd Street in Concourse Village, Bronx, comprising 38 residential units with a building square footage of 29,100 square feet. The construction loan amount secured for this asset is $16.2 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,200,000
- Address: 308 East 162nd Street
- Market: Concourse Village, Bronx
- Units: 38
- Building Square Footage: 29,100
- Lender: Northeast Community Bank
- Landlord: Gjovan Rroku
- Loan Type: Construction
Gjovan Rroku is the landlord associated with the property, having secured a construction loan from Northeast Community Bank for the planned residential development at the specified address. The financing represents a significant step towards the development of a new residential project in the Bronx area.
On the Map
$16,200,000
Development Site
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Players
Bronx 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
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93