BridgeCity Capital Provides $12.4M Construction Loan For Williamsburg Development Site
310 north 7th street
$12,400,000
$1,878/SF
Building Size
6,600 SF
Asset Type
Development Site
Closing
Sep 23, 2022
AI
A development site located at 310 North 7th Street in Williamsburg, Brooklyn has recently undergone a loan transaction. The property, spanning a buildable square footage (BSF) of 13,788, has secured a construction loan.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $12,400,000
- Loan Type: Construction
- Loan Terms: 24 months + extension options; LTC 77%
The lender for this project is BridgeCity Capital, represented by Louis Lebovits, Moishe Loketch, Pinny Loketch, and Allan Lebovits. They actively finance mixed-use, residential, industrial, and construction projects in the Tri-State Area, South Florida, and various other states. For loan inquiries, interested parties can visit their website at www.bridgecityfunding.com or contact them via email at [email protected].
Players
Lewiston 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
1.28%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93