Updated Mar 11, 2025
BridgeCity Capital Provides $10.4M Construction Loan For Development Site On Frost Street, Brooklyn
104 Frost Street
$10,400,000
$2,080/SF
Building Size
5,000 SF
Asset Type
Development Site
Closing
May 2, 2023
About this deal
AI
A development site located at 104 Frost Street in Brooklyn, New York has recently secured a construction loan. The site spans approximately 5,000 square feet and is designated for a residential development, with plans to construct 20 units.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $10,400,000
- Address: 104 Frost Street, Brooklyn, New York
- Market: Brooklyn, New York
- Loan Type: Construction
- Loan Terms: 18 months + extension options; LTC 75%
- Lender: BridgeCity Capital
The lender involved in this transaction is BridgeCity Capital, a financing company actively supporting various projects such as mixed-use, residential, industrial, and construction ventures in the Tri-State Area, South Florida, and other states. For loan inquiries or more information, interested parties can visit www.bridgecityfunding.com or contact Louis at [email protected].
Players
Wolverhampton Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.53%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93