Louis Lebovits Of BridgeCity Capital Provides $52.85 Million Loan For Brooklyn Multifamily Asset
SOLD
$52,850,000
New York
See Similar DealsMultiFamily59,607 SF
Sold 04/04/2025
SOLD
Louis Lebovits Of BridgeCity Capital Provides $52.85 Million Loan For Brooklyn Multifamily Asset
MultiFamily59,607 SF
Sold 04/04/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$886
Total Square Footage:59,607 SF
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located in Brooklyn, comprising 58 units and encompassing a total square footage of 59,607. The loan amount associated with this property is $52,850,000, secured under a Bridge to Perm loan type with terms of 18 months plus extension options and a loan-to-value ratio of 77%.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $52,850,000
- Units: 58
- Square Footage: 59,607
- Lender: Louis Lebovits - BridgeCity Capital
- Loan Type: Bridge to Perm
- Loan Terms: 18 months + extension options
- LTV: 77%
The deal was facilitated by Louis Lebovits, representing BridgeCity Capital, which is currently active in financing mixed-use, residential, industrial, and construction projects across the Tri-State Area, South Florida, and various other states. Note that potential inquiries can be directed to Louis via email at [email protected].
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,818,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$187,764.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$250,535.96
Annual Debt Service$3,006,431.55
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