Updated May 12, 2025
BridgeCity Capital Provides $20M Condo Inventory Loan For Multifamily Property In Williamsburg
58 Gerry Street, Broadway Triangle, Brooklyn, NY, USA
$20,000,000
$20,000/SF
Building Size
1,000 SF
Asset Type
MultiFamily
Closing
Feb 16, 2021
About this deal
AI
The transaction involved a multifamily asset located at 58 Gerry Street in the Williamsburg market. The lending amount for this property was $20,000,000, obtained under specific terms of 8.95%, with a 12-month duration and a 6-month option as a condo inventory loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,000,000
- Lender: BridgeCity Capital
- Landlord: Abraham Brach
- Loan Terms: 8.95%, 12-month, 6-month option
- Market: Williamsburg
- Asset Address: 58 Gerry Street
The key individuals involved in this transaction include Moishe Loketch, Louis Lebovits, Allan Lebovits, and Pinny Loketch, all representing BridgeCity Capital. The lender is actively seeking to provide financing for multifamily or condo inventory in New York, New Jersey, and South Florida, showcasing competitive rates in the market. The transaction was completed in less than 3 weeks.
Players
Brooklyn 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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93