BridgeCity Capital Provides $7.65M Bridge Loan For Multifamily Property In Bushwick, Brooklyn
FINANCED
$7,650,000
+ 1
New York
See Similar DealsMultiFamily18,706 SF
Financed 04/01/2022
FINANCED
BridgeCity Capital Provides $7.65M Bridge Loan For Multifamily Property In Bushwick, Brooklyn
1223 Putnam Avenue, Brooklyn, New York 11221, United States
See Similar DealsMultiFamily18,706 SF
Financed 04/01/2022
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$409
Total Square Footage:18,706 SF
Transaction Type:Loan
The 18-unit multifamily property located at 1223 Putnam Ave. in Bushwick, Brooklyn has been involved in a recent transaction. The property spans approximately 18,706 square feet and consists of 18 residential units. The deal took place on April 1, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,650,000
- Address: 1223 Putnam Ave.
- Market: Bushwick, Brooklyn
- Square Footage: 18,706
- Units: 18
The loan for this transaction was provided by BridgeCity Capital. The loan amount is $7,650,000 and it is categorized as a bridge loan. The loan terms include a 12-month period with extension options, and the loan-to-value ratio (LTV) is set at 70%. The individuals involved in securing the loan include Louis Lebovits, Moishe Loketch, Pinny Loketch, and Allan Lebovits who represent BridgeCity Capital.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,650,000.00
Monthly NOI$51,000.00
Monthly Debt Service$48,353.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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