BridgeCity Capital Provides $7.65M Bridge Loan For Multifamily Property In Bushwick, Brooklyn

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.