Bronx, NY Craig Nassi, owner of BCN Development, closed on a development site. Nassi plans to build 35,000 s/f in free-market residential units on the four lots at 2088 Valentine Ave. Plans are filed already and construction will begin in September. The $9 million loan that closed was a construction loan with an 18-month term. BCN worked directly with the lender, Five Arch Funding of California.

BCN is active in the Bronx building some 125 units.