BridgeCity Capital Provides $12M Bridge Loan For Development Site In Monroe

A development site located at 63 Acres Rd. in Monroe has recently been closed on. The property is a development site with a buildable square footage (BSF) of 504,024 and plans to accommodate 255 townhouse condominium units.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Address: 63 Acres Rd., Monroe
• Market: Monroe
• BSF: 504,024
• Units: 255

BridgeCity Capital, represented by Louis Lebovits, Moishe Loketch, Pinny Loketch, and Allan Lebovits, served as the lender for this transaction. The loan amount totaled $12,000,000, with the loan type being a bridge loan. The loan terms consisted of a 12-month period with extension options. The LTV ratio was 43%, and it is anticipated that 19 new multifamily properties will be built as part of this project.

Oracle Equity LLC is the landlord for this development site.

BridgeCity Capital is actively financing mixed-use, residential, industrial, and construction projects in the Tri-State Area, South Florida, and various other states. For loan inquiries, contact [email protected] or visit their website at https://www.bridgecityfunding.com/.