Updated Oct 28, 2024
BridgeCity Capital Provides $8.95M Construction Loan For Williamsburg Development Site
55 Borinquen Place, Brooklyn, New York 11211, United States
$8,950,000
$507/SF
Building Size
17,635 SF
Asset Type
Development Site
Closing
Aug 23, 2022
About this deal
AI
Located at 55 Borinquen Pl. in Williamsburg, Brooklyn, this development site offers a promising opportunity for future construction. With a buildable square footage (BSF) of 17,635, the property holds significant potential for growth and expansion.
Summary of transaction details
- Property Type: Development Site
- Transaction Date: 08/24/2022
- Market: Williamsburg, Brooklyn
- Loan Amount: $8,950,000
- Loan Type: Construction
- Loan Terms: 24 months+ extension options; LTC 76%
- Lender: BridgeCity Capital - Louis Lebovits, Moishe Loketch, Pinny Loketch & Allan Lebovits
- Landlord: 55 Borinquen Place LLC
The key individuals involved in this transaction are Louis Lebovits, Moishe Loketch, Pinny Loketch, and Allan Lebovits from BridgeCity Capital. They provided a construction loan amount of $8,950,000 to support the development of the site. 55 Borinquen Place LLC serves as the property's landlord.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.77%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93