BridgeCity Capital Provides $23M Bridge Loan For Multifamily Property In Brooklyn
FINANCED
$23,000,000
New York
See Similar DealsMultiFamily40,825 SF
Financed 01/13/2022
FINANCED
BridgeCity Capital Provides $23M Bridge Loan For Multifamily Property In Brooklyn
411 Meeker Avenue, Brooklyn, NY 11222
See Similar DealsMultiFamily40,825 SF
Financed 01/13/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$563
Total Square Footage:40,825 SF
Transaction Type:Loan
Located at 411-417 Meeker Avenue in Brooklyn, this multifamily property is a valuable asset in the market. With a total square footage of 40,825, it is comprised of 33 units. The transaction took place on January 13, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $23,000,000
- Lender: BridgeCity Capital - Louis Lebovits, Allan Lebovits & Moishe Loketch
- Loan Type: Bridge
- Loan Terms: 12 months + extension options; LTV 80%
BridgeCity Capital, represented by Louis Lebovits, Allan Lebovits, and Moishe Loketch, financed this transaction. They are actively involved in financing mixed-use, residential, industrial, and construction projects in the NY & Tri-State Area, South Florida, and various other states. For loan inquiries, it is possible to contact them at [email protected] or visit their website at www.bridgecityfunding.com.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$23,000,000.00
Monthly NOI$153,333.33
Monthly Debt Service$145,375.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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