Louis Lebovits, Moishe Loketch & Allan Lebovits Lend $14M For Williamsburg Development Site

A development site located at 169 Johnson Ave. in Brooklyn, NY has been involved in a recent loan transaction. The property is a development site with a building square footage (BSF) of 42,985. It is situated in the Williamsburg neighborhood of Brooklyn, known for its vibrant atmosphere and trendy residential developments.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $14,000,000
• Lender: Louis Lebovits, Moishe Loketch & Allan Lebovits - BridgeCity Capital
• Loan Terms: 18 months plus 6 month EXT option. Ground lease construction loan for new seven-story development with approved plans for fifty-two (52) residential units and 26 accessory parking spaces.

The loan amount for this transaction is $14,000,000. The loan terms include a duration of 18 months, with an option to extend for an additional 6 months. It is a ground lease construction loan specifically for a new seven-story development on the property. The development plans have been approved for a total of fifty-two (52) residential units and 26 accessory parking spaces.

The lenders involved in this loan transaction are Louis Lebovits, Moishe Loketch, and Allan Lebovits representing BridgeCity Capital. They have provided the necessary financing to support the development of this project in the Williamsburg neighborhood of Brooklyn. This loan enables the developers to move forward with the construction of the seven-story residential building and fulfill the approved plans for the development site.