Chung Ng Secures $9.5M Bridge/Construction Loan For Williamsburg Development Site

A development site located at 229 Withers Street in Williamsburg, Brooklyn, was involved in a recent transaction. The property boasts 12,000 square feet of buildable square footage.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $9,500,000
• Market: Williamsburg, Brooklyn
• Loan Type: Bridge/Construction
• Loan Terms: 2% over Prime; Interest Only
• Landlord: Chung Ng
• Broker: Michael Volpe - Highcap Group

The loan amount of $9,500,000 for this transaction was secured with a Bridge/Construction loan type at 2% over Prime, with interest-only terms. Michael Volpe from Highcap Group represented the deal as the broker in this transaction.