Spaxel signs $32.6M refi with JLL for 128-unit rental in Mt Hope

Spaxel through the entity 1824 Anthony Avenue LLC as borrower signed a refi loan with lender JLL through the entity Lasalle Real Estate Credit Strategies Reit 1a, L.L valued at $32.6 million for the 128-unit residential elevator building (D7) at 1824 Anthony Avenue in Mt Hope, Bronx.
The deal closed on December 11, 2025 and was recorded on December 18, 2025. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $28.9 million.The property has 118,085 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $276 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on October 28, 2021, for $2 million. The signatory for Spaxel was Granit Gjonbalaj . The signatory for JLL was Craig Oram .

Prior sales and revenue

The 118,085-square-foot property generated revenue of $4.1 million or $35 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 128 residential units in Mt Hope has 118,085 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 206 feet deep with a total lot size of 16,277 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $367,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $31,150 in ECB penalties and $31,150 in OATH penalties in the last year.

Development

On the lot, there was one new building construction project, X00634339, for a 128-unit, residential building. The project was submitted by Spaxel and filed by Bimi Selimaj with plans filed December 8, 2021 and permitted October 17, 2023.

The block

On this tax block, PincusCo has identified the owners of 13 of the 29 commercial properties representing 74,815 square feet of the 319,422 square feet. The largest owner is Luis M. Baez, followed by Bill Wolf Petroleum Corp. and then Community Access.
On the tax block, there were five new building construction projects totaling 283,314 square feet. The largest is a 154-unit, 109,563 square-foot residential (R-2) building submitted by Community Access, Inc. and filed by Christopher Lacovara with plans filed October 5, 2020 and permitted April 27, 2022. The second largest is a 111-unit, 60,598 square-foot residential (R-2) building submitted by Unique People Services and filed by Aziza Anderson with plans filed December 6, 2023 and permitted October 23, 2025.

The majority, or 30 percent of the 319,422 square feet of built space are elevator buildings, with industrial buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Spaxel owned at least 18 commercial properties with 1,139 residential units in New York City with 78,883 square feet and a city-determined market value of $14.5 million. (Market value is typically about 50% of actual value.) The portfolio has $69.7 million in debt, with top three lenders as Metropolitan Commercial Bank, Sterling National Bank, and Unity Bank respectively. Within the portfolio, the bulk, or 64 percent of the 78,883 square feet of built space are elevator properties, with D1 properties next occupying 12 percent of the space. They are all located in Bronx.

Direct link to Acris document. link