Angelo, Gordon & Co. obtains a $21.3M construction loan from Metropolitan Commercial for development in Fordham

Angelo, Gordon & Co. through the entity AG-Spaxel 2065 Property Owner, L.L.C. as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $21.3 million for 2 parcels, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) and with plans permitted for 132 residential units at 2067 Ryer Avenue and 2065 Ryer Avenue in Fordham. The deal closed on July 17, 2020 and was recorded on July 31, 2020.

The average loan per unit is $160,985.
The last time the property sold was March 13, 2020, when Angelo, Gordon & Co. bought it from Granit Gjonbalaj for $3,882,750. The financing includes a $3 million land loan, a $12 million building loan and a $6.2 million project loan.

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