BridgeCity Capital Provides $55M Bridge Loan For Park Slope Mixed-Use Building

A mixed-use property located at 262 9th Street in Park Slope, Brooklyn has recently undergone a closed transaction. The property spans 72,000 square feet and consists of 72 residential rental units. It features condo finishes, a gym, a laundry room, a bike room, storage lockers, and a retail space leased to DoorDash. The building is an eleven-story structure with one community facility space.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $55,000,000
• Loan Type: Bridge
• Loan Terms: 12 months + extension options; LTV 75%: L+5.95%
• Lender: BridgeCity Capital - Louis Lebovits, Moishe Loketch & Allan Lebovits
• Landlord: Joseph Banda

The loan for this transaction was provided by BridgeCity Capital, with representatives Louis Lebovits, Moishe Loketch, and Allan Lebovits. The loan amount totaled $55,000,000, and it is classified as a bridge loan. The loan terms include a 12-month duration with extension options, and the loan-to-value ratio is set at 75% with an interest rate of L+5.95%. The lender, BridgeCity Capital, actively finances mixed-use, residential, industrial, and construction projects in various states, including the NY and Tri-State Area and South Florida.