Updated Mar 11, 2025
BridgeCity Capital Provides $18M Construction Loan For Multifamily Project On Myrtle Avenue
859 Myrtle Avenue
$18,000,000
$400/SF
Building Size
45,000 SF
Asset Type
MultiFamily
Closing
Mar 22, 2023
About this deal
AI
The property involved in this transaction is a multifamily asset located at 859 Myrtle Avenue in Brooklyn. The property spans approximately 45,000 square feet and consists of 31 units. The transaction took place on March 22, 2023.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $18,000,000
- Loan Type: Construction
- Loan Terms: 18 months; LTV 55%
BridgeCity Capital provided the loan for this transaction. The lender specializes in financing mixed-use, residential, industrial, and construction projects in the Tri-State Area, South Florida, and other states. For loan inquiries, contact Louis at [email protected] or visit their website at www.bridgecityfunding.com.
Players
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93