BridgeCity Capital Provides $60M Construction Loan For East Williamsburg Mixed-Use Development

A mixed-use property located at 828 Metropolitan Avenue in East Williamsburg, Brooklyn has recently undergone a closed transaction. The property spans approximately 23,129 square feet and is situated in a booming market.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $60,000,000
• Loan Type: Construction
• Loan Terms: 24 months + extension options; LTC 75%

The lending institution involved in this transaction is BridgeCity Capital. They provided a construction loan to the property owners, Michael Kubersky and Yoel Hershkwitch of Upton Metropolitan LLC, in the amount of $60,000,000. The loan terms include a 24-month duration with extension options, and a loan-to-cost (LTC) ratio of 75%.

BridgeCity Capital specializes in financing various types of projects, including mixed-use, residential, industrial, and construction, in the Tri-State Area, South Florida, and other states. For loan inquiries or more information, individuals can visit www.bridgecityfunding.com or email [email protected].