BridgeCity Capital Provides $72 Million Construction Loan For 117-Unit Multifamily Project In Brooklyn
FINANCED
$72,000,000
New York
See Similar DealsMultiFamily
Financed
FINANCED
BridgeCity Capital Provides $72 Million Construction Loan For 117-Unit Multifamily Project In Brooklyn
MultiFamily
Financed
Summary
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in this transaction is a multifamily property located in Brooklyn, consisting of 117 units. The transaction facilitated a construction loan with a total amount of $72,000,000, structured with terms spanning 18 months plus extension options, and a loan-to-cost ratio of 80%.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $72,000,000
- Lender: BridgeCity Capital
- Loan Type: Construction
- Loan Terms: 18 months + extension options
- LTC: 80%
- Market: Brooklyn
BridgeCity Capital is the lender for this transaction, known for financing mixed-use, residential, industrial, and construction projects across the Tri-State Area, South Florida, and various other states. Loan inquiries can be directed to Louis Lebovits at [email protected].
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$72,000,000.00
Monthly NOI$480,000.00
Monthly Debt Service$455,088.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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