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Brick City Capital Provides $2.6M Bridge Loan For Multifamily Acquisition In New Britain

Property Image
FINANCED
$2,634,000

Connecticut

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MultiFamily25,512 SF
Financed 08/10/2022
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Property Image
FINANCED

Brick City Capital Provides $2.6M Bridge Loan For Multifamily Acquisition In New Britain

112 Lasalle Street

See Similar Deals
MultiFamily25,512 SF
Financed 08/10/2022
the dealplayerscompscontact
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Summary

CONNECTICUT
Asset Type:MultiFamily
Price Per Square Foot:$103
Total Square Footage:25,512 SF
Transaction Type:Loan

A cash flowing multifamily asset located at 112 Lasalle St. in New Britain, Connecticut, has been acquired with the assistance of a bridge loan provided by Brick City Capital. The property spans approximately 25,512 square feet and was purchased by Abraham Indig.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,634,000
  • Lender: Brick City Capital
  • Lender Representatives: Eric Panecki & Veronique Hut
  • Loan Type: Bridge
  • Loan Terms: 12 months

Brick City Capital facilitated the acquisition of the cash flowing multifamily asset by providing a high-leverage acquisition-only bridge loan. Specializing in multifamily bridge and ground-up development loans for acquisition, repositioning, and construction, Brick City Capital offers flexible terms and a high certainty of execution.

Players

Brick City Capital
Brick City Capital
LENDER

Details

FINANCED
IMAGE: Eric Panecki & Veronique Hut DATE: 08/10/2022 ADDRESS: 112 Lasalle St. MARKET: New Britain, Connecticut ASSET TYPE: Multifamily ~ SF: 25,512 LENDER: Brick City Capital (@BrickCityCapital) - Eric Panecki (@EricPanecki) & Veronique Hut (@VHut_) LANDLORD: Abraham Indig LOAN AMOUNT: $2,634,000 LOAN TYPE: Bridge LOAN TERMS: 12 months NOTE FROM LENDER: Brick City Capital (BrkCty) provided a high leverage 80% acquisition only bridge loan for an experienced sponsor to secure a cash flowing mutlifamily asset - BrkCty specializes in mutifamily bridge and ground up development loans for acquisition, repositioning, and construction offering flexible terms and a high certainty of execution

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,634,000.00

Monthly NOI$17,560.00
Monthly Debt Service$16,648.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00