Updated Feb 16, 2024
BridgeCity Capital Provides $14M Loan For East Williamsburg Development Site
130 Montrose Avenue, East Williamsburg, Brooklyn, NY, USA
$14,000,000
$132/SF
Building Size
105,986 SF
Asset Type
Development Site
Closing
Apr 21, 2021
About this deal
AI
A development site located at 130 Montrose Avenue in East Williamsburg has been involved in a recent loan transaction. The lender, BridgeCity Capital, provided a loan amount of $14,000,000 for this development project. The site measures 105,986 square feet and is owned by Meir Tabak.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $14,000,000
- Address: 130 Montrose Avenue
- Market: East Williamsburg
BridgeCity Capital, a lending institution, acted as the lender in this transaction. Meir Tabak is the landlord of the property. This loan deal demonstrates the financial support provided by BridgeCity Capital for the development of the site at 130 Montrose Avenue.
Players
Brooklyn Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93