BridgeCity Capital Provides $35.5M Construction Loan For Development Site In Miami Beach

The development site at 340 West 42nd St in Miami Beach has been involved in a loan transaction. The asset is characterized as a development site with a building square footage (BSF) of 34,496 and a total square footage (SF) of 89,485. The loan amount for this transaction is $35,500,000, and it is a construction loan with a term of 30 months. The loan terms include extension options and coverage of 75% of the loan-to-cost (LTC) ratio.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $35,500,000
• Address: 340 West 42nd St
• Market: Miami Beach
• BSF: 34,496
• SF: 89,485

The lender involved in this transaction is BridgeCity Capital, represented by Louis Lebovits, Moishe Loketch, Pinny Loketch, and Allan Lebovits. The loan was secured from BridgeCity Capital for the development site. Tzvi Boymelgreen is the landlord of the property. Brian Itzkowitz from BridgeCity Capital served as the broker in this deal.

Note from @Bridgecityfunding: Sales Office is open and moving fast. Visit www.42pine.com for further information. BridgeCity Capital is actively financing mixed-use, residential, industrial, and construction projects in the Tri-State Area, South Florida, and in various other states. Visit us at https://www.bridgecityfunding.com/ or send loan inquiries to [email protected].