BridgeCity Capital Provides $45 Million Construction Loan For Mixed-Use Project In Long Island City

This transaction involves a mixed-use asset located in Long Island City, featuring a total square footage of 85,000 and comprising 66 residential units. A construction loan amounting to $45,000,000 was secured for this project, under terms that include a duration of 24 months with options for extension, and a loan-to-cost ratio of 75%.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $45,000,000
• Loan Type: Construction
• Loan Terms: 24 months + extension options
• Lender: Louis Lebovits - BridgeCity Capital
• Broker: Morris Betesh, Omar Ferreira & Jacob Petrovic - Arrow Real Estate Advisors
• Market: Long Island City
• Asset Size: 85,000 SF
• Units: 66
• LTC: 75%

The individuals involved in this transaction include Louis Lebovits from BridgeCity Capital, who is actively financing various projects, and brokers Morris Betesh, Omar Ferreira, and Jacob Petrovic from Arrow Real Estate Advisors, who facilitated the deal.