BridgeCity Capital Provides $23.15 Million Construction Loan To 3720 Crescent In Long Island City
$23,150,000
$598/SF
Building Size
38,685 SF
Asset Type
Mixed-use
Closing
Aug 14, 2025
About this deal
AI
The property asset involved in this transaction is a mixed-use building located in Long Island City, Queens, featuring a total square footage of 38,685 and comprising 39 units. The transaction was facilitated by a construction loan amounting to $23,150,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $23,150,000
- Loan Type: Construction
- Loan Terms: 24 months + extension options
- LTC: 77%
- Lender: BridgeCity Capital
- Lender's Representative: Louis Lebovits
- Landlord: 3720 Crescent
- Landlords' Representatives: Jasper Wu & Michael Wang
- Broker: James Murad
- Broker Agency: Ripco
- Date of transaction: 8/15/2025
- Market: Long Island City, Queens
The key individuals involved in this transaction include Louis Lebovits from BridgeCity Capital, who is providing the loan, and James Murad from Ripco, who acted as the broker. The landlords, Jasper Wu and Michael Wang, represent the interests of the property owner in this deal.
Players
Market Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93