BridgeCity Capital Provides $6M Acquisition Loan For Development Site In Brooklyn
FINANCED
$6,000,000
New York
See Similar DealsMultiFamily7,621 SF
Financed 09/29/2022
FINANCED
BridgeCity Capital Provides $6M Acquisition Loan For Development Site In Brooklyn
356 Avenue U, Brooklyn, New York 11229, United States
See Similar DealsMultiFamily7,621 SF
Financed 09/29/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$787
Total Square Footage:7,621 SF
Transaction Type:Loan
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%.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,000,000.00
Monthly NOI$40,000.00
Monthly Debt Service$37,924.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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