Updated Mar 11, 2025
Metropolitan Units LLC Secures $7.9M Bridge To Perm Loan For 12-Unit Multifamily In Brooklyn, NY
596 Metropolitan Avenue, Brooklyn, New York 11211, United States
$7,900,000
$736/SF
Building Size
10,720 SF
Asset Type
MultiFamily
Closing
Aug 10, 2022
About this deal
AI
Metropolitan Units LLC has secured a bridge to perm loan in the amount of $7,900,000 for the acquisition of a multifamily property located at 596 Metropolitan Avenue, Brooklyn, NY. The property spans approximately 10,720 square feet and consists of 12 units. The loan terms include a 12-month duration and a loan-to-value (LTV) ratio of 66%.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,900,000
- Address: 596 Metropolitan Avenue, Brooklyn, NY
- Square Footage: 10,720
- Units: 12
The lender for this transaction is BridgeCity Capital, while Metropolitan Units LLC acts as the borrower. The loan, classified as a bridge to perm loan, provides the necessary funds for the acquisition. Moishe Loketch, Louis Lebovits, Allan Lebovits, and Pinny Loketch are pictured in the accompanying image.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.01%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93