Vijay Gogia signs $28M refi with Argentic for 90-unit building in Belmont

Vijay Gogia through the entity Rvmim LLC as borrower signed a refi loan with lender Argentic Investment Management through the entity Argentic Real Estate Investment 2 LLC valued at $28 million for the 90-unit project at 2481 Crotona Avenue in Belmont, the Bronx.

The deal closed on April 2, 2024 and was recorded on April 8, 2024. The prior lender was Golden Bridge Funding which held debt that had an original loan amount of $24 million.

The signatory for Vijay Gogia was Vijay Gogia. The signatory for Argentic Investment Management was Ryan Supple.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2481 Crotona Avenue.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The block

On the tax block of 2481 Crotona Avenue, PincusCo has identified the owners of seven of the 22 commercial properties representing 90,981 square feet of the 233,975 square feet. The largest owner is Vijay Gogia, followed by Shahin Daneshyar and then Sadhu Lall.
On the tax block, there were two new building construction projects totaling 161,835 square feet. The largest is a 145-unit, 99,202 square-foot residential (R-2) building submitted by Shahin Daneshvar with plans filed December 19, 2019 and permitted March 22, 2022. The second largest is a 84-unit, 62,633 square-foot residential (R-2) building submitted by Vijay Gogia with plans filed December 10, 2021 and permitted January 24, 2024.

The majority, or 67 percent of the 233,975 square feet of built space are walkup buildings, with office buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Vijay Gogia owned at least two commercial properties with 90 residential units in New York City with 18,732 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio has $24 million in debt, borrowed from BridgeCity Capital. Within the portfolio, the bulk, or 96 percent of the 18,732 square feet of built space are mixed-use properties, with retail properties next occupying 4 percent of the space. They are all located in Bronx.

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