205 West 230th Street

This is a $27.5M construction loan on a 73,000 BSF development site in the Spuyten Duyvil-Kingsbridge neighborhood of the Bronx, implying a loan-to-cost basis of approximately $376/BSF, which is broadly consistent with comparable transactions in the submarket ranging from $389-$564/SF. The sponsor, Andrea Gjini, demonstrates a strong repeat-borrower relationship with North East Community Bank, having closed at least two other construction loans with the same lender in close proximity and within the same timeframe, which reduces counterparty risk but also raises concentration concerns for the lender. North East Community Bank is a regulated community bank with meaningful Bronx construction lending volume ($115.5M across 8 deals), suggesting institutional familiarity with this submarket and sponsor. The Kingsbridge-Spuyten Duyvil corridor benefits from proximity to transit and ongoing neighborhood investment, though Bronx construction projects carry execution risk given labor costs, permitting timelines, and the current elevated interest rate environment. Overall the deal reflects a credible sponsor-lender pairing with market-rate sizing, warranting a solid B grade with moderate confidence given limited disclosed project details such as end-use program, LTC ratio, and exit strategy.