BridgeCity Capital Provides $19.1M Construction Loan For Astoria Development Site
27-16 21st Street, Queens, New York 11102, United States
$19,100,000
$555/SF
Building Size
34,370 SF
Asset Type
Development Site
Closing
Jun 20, 2022
AI
The development site located at 27-16 21st St. in Astoria, Queens has been involved in a recent closed transaction. With a buildable square footage (BSF) of 34,370, this property is a promising opportunity for development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $19,100,000
- Market: Astoria, Queens
In this transaction, the loan was provided by BridgeCity Capital. The loan amount of $19,100,000 was secured for the construction of the development site. The loan terms include a 27-month period with extension options, and the loan-to-cost (LTC) ratio is 81%.
BridgeCity Capital, led by Louis Lebovits, Moishe Loketch, Pinny Loketch, and Allan Lebovits, is an active lender for mixed-use, residential, industrial, and construction projects in the Tri-State Area, South Florida, and other states. For more information or to inquire about a loan, visit their website at https://www.bridgecityfunding.com/ or contact Louis at [email protected].
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93