BridgeCity Capital Provides $8.95M Construction Loan For Williamsburg Development Site

A development site located at 55 Borinquen Pl. in Williamsburg, Brooklyn has been involved in a recent closed transaction. The property is a development site with a buildable square footage (BSF) of 17,635. The transaction involved a lender, BridgeCity Capital, and a landlord, .

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $8,950,000
• Loan Type: Construction
• Loan Terms: 24 months + extension options; Loan-to-Cost (LTC) 76%

The lender, BridgeCity Capital, funded a construction loan for the development site. The loan amount was $8,950,000, with terms of 24 months and extension options available. The Loan-to-Cost (LTC) ratio for the loan was 76%.

This transaction involved key individuals, including Louis Lebovits, Moishe Loketch, Pinny Loketch, and Allan Lebovits, who represented BridgeCity Capital as its lenders. Additionally, the landlord, , was also involved in the deal.