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Westbridge Realty Group Secures $6.3M Construction Loan From IceCap Group For Brownsville Development

Property Image
FINANCED
$6,300,000

New York

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Development Site2,915 SF
Financed 05/15/2025
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Property Image
FINANCED

Westbridge Realty Group Secures $6.3M Construction Loan From IceCap Group For Brownsville Development

926 Mother Gaston Boulevard

See Similar Deals
Development Site2,915 SF
Financed 05/15/2025
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$2,161
Total Square Footage:2,915 SF
Transaction Type:Loan

A construction loan of $6,300,000 has been secured for a 24-unit development site located at 926 Mother Gaston Boulevard in Brownsville, Brooklyn, which encompasses a building square footage of 7,290. The property is categorized under the asset type: Development Site.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $6,300,000
  • Lender: IceCap Group
  • Landlord: Steven Westreich - Westbridge Realty Group; Zev Lefkowitz & Israel Weinberger
  • Loan Type: Construction

Key individuals involved in this transaction include Steven Westreich representing Westbridge Realty Group, along with Zev Lefkowitz and Israel Weinberger, who all played significant roles in securing the financing from IceCap Group for the development project.

Players

Ice Cap Group
Ice Cap Group
LENDER
Steven Westreich
Westbridge Realty Group
Steven Westreich
19 deals$118.1M volume
LANDLORD

Details

FINANCED
IMAGE: Steven Westreich DATE: 05/15/2025 ADDRESS: 926 Mother Gaston Boulevard MARKET: Brownsville, Brooklyn ASSET TYPE: Development Site ~ BSF: 7,290 LENDER: IceCap Group LANDLORD: Steven Westreich - Westbridge Realty Group (@WestbridgeRealty); Zev Lefkowitz & Israel Weinberger LOAN AMOUNT: $6,300,000 LOAN TYPE: Construction NOTE: Westbridge Realty Group, Zev Lefkowitz, and Israel Weinberger secured a $6.3M construction loan from IceCap Group for a 24-unit development at 926 Mother Gaston Blvd in Brownsville.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,300,000.00

Monthly NOI$42,000.00
Monthly Debt Service$39,820.29
Change in Cash Flow$0.00
Refinance Proceeds$0.00