BridgeCity Capital Provides $3.95M Loan For Development Site At 379 South 1st, Williamsburg

A development site located at 379 South 1st in Williamsburg, Brooklyn, NY recently secured a loan. The loan, provided by BridgeCity Capital, was for an amount of $3,950,000. The property spans 7,145 square feet and is set to undergo redevelopment. The existing two-story building will be transformed into a nine-unit walk-up rental building with four stories and a penthouse.

Summary of transaction details

• Property Type: Development site
• Transaction Amount: $3,950,000
• Address: 379 South 1st, Williamsburg, Brooklyn, NY
• Market: Williamsburg
• Lender: BridgeCity Capital
• Loan Image: Moishe Loketch & Louis Lebovits
• Date: 11/19/2020
• Square footage: 7,145

This loan transaction involved BridgeCity Capital as the lender. The loan has an initial term of eighteen (18) months, with the option to extend for an additional six (6) months. Upon completion of the redevelopment, the property will consist of four stories and a penthouse, offering a total of nine rental units. The project is situated in the heart of Williamsburg, a vibrant neighborhood in Brooklyn.