Updated Mar 17, 2025
BridgeCity Capital Provides $18.95M Bridge Loan For Multifamily Property In Brooklyn
352 Meeker Avenue
$18,950,000
$1,057/SF
Building Size
17,928 SF
Asset Type
MultiFamily
Closing
May 3, 2023
About this deal
AI
A multifamily property consisting of 27 units located at 352 Meeker Avenue in Brooklyn has recently been involved in a loan transaction. The loan was provided by BridgeCity Capital, a lender specializing in financing mixed-use, residential, industrial, and construction projects in various states including the Tri-State Area and South Florida.
Summary of Transaction Details
- Property Type: Multifamily
- Loan Amount: $18,950,000
- Loan Type: Bridge
- Loan Terms: 12 months; LTV 65%
BridgeCity Capital offered a loan of $18,950,000 for a term of 12 months with a loan-to-value (LTV) ratio of 65%. The loan will support the ongoing operations and development of the multifamily property at 352 Meeker Avenue in Brooklyn.
For more details about the financing services provided by BridgeCity Capital, interested parties can visit their website at www.bridgecityfunding.com. Loan inquiries can be directed to [email protected].
Players
Market 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
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93