Updated May 12, 2025
BridgeCity Capital Provides $11M Loan For Development Site In Williamsburg
494 Manhattan Ave, Greenpoint, Brooklyn, NY, USA
$11,000,000
$696/SF
Building Size
15,803 SF
Asset Type
Development Site
Closing
Jul 9, 2020
About this deal
AI
The asset involved in this transaction is a development site located at 494 Manhattan Ave., Williamsburg. The site consists of a 6-story, elevator mixed-use building that includes 23 apartments and 12 first floor parking spaces. The total building area is approximately 15,803 square feet. The loan amount for this development has been set at $11,000,000 with a loan term of 24 months at 70% loan-to-cost ratio.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,000,000
- Address: 494 Manhattan Ave.
- Market: Williamsburg
- Asset Size: 15,803 BSF
- Units: 23
- Lender: BridgeCity Capital
- Lender's Representatives: Louis Lebovits, Moishe Loketch, Allan Lebovits
Key individuals involved in the deal include Louis Lebovits, Moishe Loketch, and Allan Lebovits, who acted as representatives for the lender, BridgeCity Capital. Their involvement is essential in facilitating the financial aspects of this development project.
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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93