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BridgeCity Capital Provides $35M Acquisition Loan For Development Site In Hudson Yards

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FINANCED
$35,000,000
Omar Ferreira
Morris Betesh
TW

New York

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Development Site19,749 SF
Financed 03/17/2022
the dealplayerscompscontact
Property Image
FINANCED

BridgeCity Capital Provides $35M Acquisition Loan For Development Site In Hudson Yards

430 West 37th Street, New York City, New York 10018, United States

See Similar Deals
Development Site19,749 SF
Financed 03/17/2022
Omar Ferreira
Morris Betesh
TW
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,772
Total Square Footage:19,749 SF
Transaction Type:Loan

A loan has been secured for a development site located at 430 W. 37th St in the Hudson Yards market. The property is a development site with a total area of 19,749 square feet.

Summary of transaction details:

The loan amount secured for this acquisition is $35,000,000. It is an 18-month term loan with a 6-month extension option. The loan-to-value (LTV) ratio is 68%.

BridgeCity Capital, the lender, actively finances mixed-use, residential, industrial, and construction projects in the Tri-State Area, South Florida, and various other states. For loan inquiries, contact [email protected]. For investment inquiries, contact [email protected].

Players

Morris Betesh
Arrow Real Estate Advisors
Morris Betesh
211 deals$12.3B volume(646) 825-7005
BROKER
Omar Ferreira
Arrow Real Estate Advisors
Omar Ferreira
61 deals$3.3B volume(646) 825-7013
BROKER
Meridian Capital Group
Meridian Capital Group
BROKERAGE
BridgeCity Capital
BridgeCity Capital
LENDER
TW
ZD Jasper
Tom Wu
5 deals$294.4M volume
LANDLORD

Details

FINANCED
IMAGE: Louis Lebovits, Moishe Loketch, Allan Lebovits, Pinny Loketch, Morris Betesh & Omar Ferreira DATE: 03/17/2022 ADDRESS: 430 W. 37th St. MARKET: Hudson Yards ASSET TYPE: Development Site ~ SF: 19,749 LENDER: BridgeCity Capital (@BridgeCityFunding) (@Loketch_Group) LANDLORD: Tom Wu BROKERS: Morris Betesh & Omar Ferreira - Meridian Capital Group LOAN AMOUNT: $35,000,000 LOAN TYPE: Acquisition LOAN TERMS: 18 month term with 6 month extension option 68ltv NOTE FROM LENDER: BridgeCity Capital is actively financing mixed-use, residential, industrial & construction projects in the Tri-State Area, South Florida & in various other states. Visit us at https://www.bridgecityfunding.com/ or send loan inquiries to [email protected] For Investment Inquiries [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$35,000,000.00

Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00