Updated May 12, 2025
BridgeCity Capital Provides $5.1M Loan For Williamsburg Development Site
438 Union Ave, Williamsburg, Brooklyn, NY, USA
$5,100,000
$510/SF
Building Size
10,000 SF
Asset Type
Development Site
Closing
Dec 16, 2020
About this deal
AI
The property asset involved in this transaction is a development site located at 438 Union Ave in Williamsburg, Brooklyn. The asset encompasses roughly 10,000 square feet and is significant in the local market for its potential development opportunities.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $5,100,000
- Lender: BridgeCity Capital
- Key Individuals: Louis Lebovits, Moishe Loketch
- Loan Terms: 18-month
- Transaction Date: 12/17/2020
This transaction featured Louis Lebovits and Moishe Loketch representing the lender, BridgeCity Capital. Their involvement highlights the collaboration between financial entities in facilitating property developments. The execution of this loan showcases the workings of development financing in Brooklyn's evolving real estate landscape.
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
3.11%
Cash-on-Cash
-0.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93