Angelo Gordon signs $11.7M construction loan with Sterling National for rental in Riverdale

Angelo Gordon through the entity AG-Spaxel 3165 Property Owner, L.L.C. as borrower signed a new construction loan with lender Sterling National Bank valued at $11.7 million for the eight-unit rental (C7) development at 3165 Villa Avenue in Riverdale, Bronx.
The deal closed on April 9, 2021 and was recorded on May 14, 2021.
Plans for a 57-unit, 39,129 square-foot R-2 were filed on January 18, 2018.
The loan price per project square foot is $299 per the PincusCo analysis.
The owner bought the property on 5-May-21, for $2.1 million.
The signatory for Angelo Gordon was Taylor Galbraith.

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