BridgeCity Capital Provides $19.5M Loan For Miami Beach Development Site

A development site in Miami Beach, FL has been involved in a closed transaction. The property is located at 301 Arthur Godfrey and 340 West 42nd Street. It is classified as a development site and consists of 50 Residential Units with Retail on the Ground Floor. The transaction took place on July 9, 2021.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $19,500,000
• Address: 301 Arthur Godfrey, 340 West 42nd Street
• Market: Miami Beach, FL

BridgeCity Capital provided the loan for this transaction. The lender is represented by Louis Lebovits, Moishe Loketch, Allan Lebovits, and Pinny Loketch. The loan amount is $19,500,000 and it is a refinance loan for an office property at 301 Arthur Godfrey. Additionally, the loan includes funds for the development site at 340 West 42nd Street, which is approved for 50 Residential Units and Retail on the Ground Floor. The loan is cross-collateralized with a Global LTV of 75%. The terms of the loan include a $7.5MM development loan for a seven-story 50 unit condo building and a $12MM office refinance loan.

BridgeCity Capital, represented by Louis Lebovits and Moishe Loketch, is a premier multi-family bridge and ground-up construction lender based in NYC. For loan inquiries, you can contact [email protected] or [email protected].