Updated Mar 11, 2025
BridgeCity Capital Provides $23M Bridge Loan For Multifamily Property In Brooklyn
411 Meeker Avenue, Brooklyn, NY 11222
$23,000,000
$563/SF
Building Size
40,825 SF
Asset Type
MultiFamily
Closing
Jan 13, 2022
About this deal
AI
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
New York 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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93