Updated May 12, 2025
Moishe Loketch, Louis Lebovits & Pinny Loketch Secure $4.5M Loan For Development Site On Union Ave In Williamsburg, Brooklyn
383 Union Ave, Brooklyn, NY 11211, USA
$4,500,000
$452/SF
Building Size
9,950 SF
Asset Type
Development Site
Closing
Sep 30, 2020
About this deal
AI
A development site located at 383 Union Ave in Williamsburg, Brooklyn was involved in a closed property transaction. The loan amount secured for this asset was $4,500,000, with a buildable square footage of 9,950. The financing provided had a term of 18 months, with an option for a 6-month extension.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $4,500,000
- Address: 383 Union Ave
- Market: Williamsburg, Brooklyn
- Lender: BridgeCity Capital
- Loan Terms: 18 months with 6 month extension
- Buildable Square Footage: 9,950
Key individuals involved in this transaction include Moishe Loketch, Louis Lebovits, and Pinny Loketch, who played significant roles in the financing arrangement for the project. The lender for this transaction was BridgeCity Capital.
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
3.53%
Cash-on-Cash
-1.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93