BridgeCity Capital Provides $20.6M Acquisition Loan For Fort Lauderdale Development Site

The asset involved in this transaction is a development site located at 300 NE 3rd Ave., Fort Lauderdale. It encompasses a land area of 82,548 square feet and holds a loan amount of $20,625,000, designated for acquisition. The loan terms include an executed term sheet to closing within 2 weeks, with a loan-to-value ratio of 76%.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $20,625,000
• Loan Type: Acquisition
• Loan Terms: Executed term sheet to closing – 2 weeks
• LTV: 76%
• Lender: BridgeCity Capital
• Individuals Involved: Allan Lebovits, Louis Lebovits, Moishe Loketch, Pinny Loketch
• Landlord: Simon Dushinsky

This transaction was facilitated by BridgeCity Capital, with key personnel including Allan Lebovits, Louis Lebovits, Moishe Loketch, and Pinny Loketch involved in the lending process. BridgeCity Capital is known for financing various project types such as mixed-use, residential, industrial, and construction across multiple states, including the Tri-State Area and South Florida.