Yitzchok Schwartz Secures $11.2M Construction Loan From Broadview Capital For Development In Brooklyn

The asset involved in this transaction is a development site located at 25 Marcus Garvey Boulevard and 27 Marcus Garvey Boulevard in the Bedford-Stuyvesant neighborhood of Brooklyn. The site has a building square footage of 20,000 and involves a construction loan of $11,200,000 secured by Yitzchok Schwartz’s Marcus Estates II LLC.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $11,200,000
• Lender: Broadview Capital
• Landlord: Yitzchok Schwartz
• Market: Bedford Stuyvesant, Brooklyn
• Previous Debt: $1,800,000 held by Arion Fund

This transaction is notable for the construction loan secured by Yitzchok Schwartz, which replaces a prior debt. Broadview Capital has provided the financing necessary for the residential development project planned for the site.