BridgeCity Capital Provides $6M Acquisition Loan For Development Site In Brooklyn

Lee Cohen, a landlord represented by RedHoek Partners, has acquired a development site in Brooklyn. Located at 356-368 Ave U and 2110 East 1st Street, the property spans a total buildable area of 30,003 square feet. The transaction took place on September 29, 2022, and the market value of the site is undisclosed.

Summary of transaction details

• Property Type: Development site
• Transaction Date: September 29, 2022
• Transaction Address: 356-368 Ave U and 2110 East 1st Street
• Market: Brooklyn
• Buildable Square Footage: 30,003

The acquisition of this development site was funded through a loan provided by Louis Lebovits and Moishe Loketch of BridgeCity Capital. The loan amount was $6,000,000, and it was used specifically for the acquisition of the property. The loan terms include a 14-month period with extension options, with a loan-to-value ratio (LTV) of 59%.