BridgeCity Capital Provides $23.45 Million Loan For 30-Unit Multifamily At 221 Wythe Avenue
221 Wythe Avenue
$23,450,000
$633/SF
Building Size
37,000 SF
Asset Type
MultiFamily
Closing
Jul 23, 2025
AI
The property asset involved in this transaction is a multi-family building located at 221 Wythe Avenue in Brooklyn. The asset features 37,000 square feet and consists of 30 units. A construction loan amount of $23,450,000 was secured through BridgeCity Capital for this property.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $23,450,000
- Loan Type: Construction
- Lender: BridgeCity Capital
- Landlord's Representative: Tom Li - SPR Group LLC
Key individuals involved in this deal include Tom Li, representing the landlord through SPR Group LLC. BridgeCity Capital facilitated the construction loan for this multi-family asset, aimed at supporting further development in the Brooklyn market.
Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93