Angelo Gordon, Spaxel sign $7.3M construction loan with Sterling National for rental in Riverdale

Angelo Gordon and Spaxel through the entity Ag-Spaxel 3168 Property Owner, L.L.C. as borrower signed a construction loan agreement with lender Sterling National Bank valued at $7.3 million for the 44-unit rental (D1) at 3168 Villa Avenue in Riverdale, Bronx.
The deal closed on April 9, 2021 and was recorded on April 26, 2021.
The property has 25,280 square feet of built space and 4,800 square feet of additional air rights for a total buildable of 30,100 square feet according to PincusCo analysis of city data. The loan price per built square foot is $288 and the price per buildable square foot is $242 per the PincusCo analysis.
Simultaneously with the loan, Granit Gjonbalaj of Spaxel sold a 93 percent stake in the property to Angelo Gordon for $1.575 million.
The signatory for Angelo Gordon|Spaxel was Taylor Galbraith.
(220651122) Plans for a 44-unit, 25280.0 square-foot R-2 were filed on May 29, 2018.