BridgeCity Capital Provides $20M Condo Inventory Loan For Multifamily Property In Williamsburg
FINANCED
$20,000,000
New York
See Similar DealsMultiFamily1,000 SF
Financed 02/17/2021
FINANCED
BridgeCity Capital Provides $20M Condo Inventory Loan For Multifamily Property In Williamsburg
58 Gerry Street, Broadway Triangle, Brooklyn, NY, USA
See Similar DealsMultiFamily1,000 SF
Financed 02/17/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$20,000
Total Square Footage:1,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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