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175-177 Palmetto Street, 209 Montrose, 295 North 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Avenue
FINANCED

BridgeCity Capital Provides $43.85M Bridge Loan For Williamsburg Multifamily Portfolio

175-177 Palmetto Street, 209 Montrose, 295 North 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Avenue

MultiFamily
100,000 SF
clock iconFinanced 1 year ago
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Summary

Loan
NEW YORK
MultiFamily
100,000 sqft

The multifamily property located in Williamsburg, Brooklyn has recently secured a bridge loan. The address of the property is 175-177 Palmetto Street, 209 Montrose, 295 N. 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Ave. This property comprises a total of 85 units and spans a square footage of approximately 100,000. The transaction took place on October 11, 2021.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $43,850,000
  • Loan Type: Bridge Loan
  • Lender: BridgeCity Capital
  • Loan Terms: Bridge to Perm
  • Loan Amount: $43,850,000
  • Loan-to-Value Ratio: 75%
  • Loan-to-Cost Ratio: 95%
  • All assets are over 95% completed

BridgeCity Capital served as the lender for this transaction, providing a bridge loan of $43,850,000. The loan terms include a bridge to permanent financing arrangement. The loan-to-value (LTV) ratio stands at 75%, while the loan-to-cost (LTC) ratio surpasses 95%. Notably, all the assets involved in the transaction are over 95% completed.

Players

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  • Agents

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  • Lenders

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Louis Lebovits's profile picture
Louis Lebovits
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COO & General Counsel
$2.9M Sold

Details

Deal Summary
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FINANCED
IMAGE: Moishe Loketch, Louis Lebovits, Allan Lebovits & Pinny Loketch DATE: 10/11/2021 ADDRESS: 175-177 Palmetto Street, 209 Montrose, 295 N. 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Ave. MARKET: Williamsburg, Brooklyn ASSET TYPE: Multifamily ~ SF: 100,000 ~ UNITS: 85 LENDER: BridgeCity Capital LOAN AMOUNT: $43,850,000 LOAN TYPE: Bridge Loan LOAN TERMS: Bridge to Perm 75% LTV 95 % LTC all assets are over 95 % completed

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Address175-177 Palmetto Street, 209 Montrose, 295 North 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Avenue

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