An 8-story luxury mixed-use rental development site in the heart of Williamsburg, Brooklyn has secured a construction loan. The property, located at 416 Metropolitan & 8 Marcy Ave., spans approximately 107,903 square feet and is slated to feature 123 residential units, 1 commercial space, and 54 parking spaces. The development project, approved by the lender, BridgeCity Capital, aims to enhance the Williamsburg neighborhood.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $72,500,000
• Loan Type: Construction loan
• Loan Terms: 24 months + extension options, LTC 80%

BridgeCity Capital, represented by Louis Lebovits, Moishe Loketch, Allan Lebovits, and Pinny Loketch, serves as the lender for the project. In addition to financing mixed-use and residential properties, BridgeCity Capital is actively involved in funding industrial and construction projects in various states, including the NY & Tri-State Area and South Florida. Jcrw Trust, headed by Yoel Hershkowitch, serves as the landlord for the development site.

Approved plans for the development include an eight-story luxury mixed-use rental building, comprising 123 residential units, one commercial space, and 54 parking spaces. The construction loan, amounting to $72,500,000, comes with a 24-month term and extension options. The loan-to-cost (LTC) ratio stands at 80%, providing adequate financing for the project. Borrowers interested in BridgeCity Capital's financing services can visit their website at www.bridgecityfunding.com or email loan inquiries to [email protected].