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BridgeCity Capital Provides $43.85M Bridge Loan For Williamsburg Multifamily Portfolio

175-177 Palmetto Street, 209 Montrose, 295 North 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Avenue
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This MultiFamily property located in NY received a loan of $43,850,000 over 2 years ago. The broker of the deal was Louis Lebovits

The multifamily property located in Williamsburg, Brooklyn has recently secured a bridge loan. The address of the property is 175-177 Palmetto Street, 209 Montrose, 295 N. 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Ave. This property comprises a total of 85 units and spans a square footage of approximately 100,000. The transaction took place on October 11, 2021.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $43,850,000
  • Loan Type: Bridge Loan
  • Lender: BridgeCity Capital
  • Loan Terms: Bridge to Perm
  • Loan Amount: $43,850,000
  • Loan-to-Value Ratio: 75%
  • Loan-to-Cost Ratio: 95%
  • All assets are over 95% completed

BridgeCity Capital served as the lender for this transaction, providing a bridge loan of $43,850,000. The loan terms include a bridge to permanent financing arrangement. The loan-to-value (LTV) ratio stands at 75%, while the loan-to-cost (LTC) ratio surpasses 95%. Notably, all the assets involved in the transaction are over 95% completed.

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Deals
  • Location
    922 Dekalb Ave, Brooklyn, NY, USA922 Dekalb Ave, Brooklyn, NY, USA
  • Loan Value
    $43,850,000$43,850,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    1 Broker1 Broker

Agent

Louis Lebovits

Louis Lebovits

Deals20
Financed$251.2M

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Deal Summary

LOAN IMAGE: Moishe Loketch, Louis Lebovits, Allan Lebovits & Pinny Loketch DATE: 10/11/2021 ADDRESS: 175-177 Palmetto Street, 209 Montrose, 295 N. 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Ave. MARKET: Williamsburg, Brooklyn ASSET TYPE: Multifamily ~ SF: 100,000 ~ UNITS: 85 LENDER: BridgeCity Capital LOAN AMOUNT: $43,850,000 LOAN TYPE: Bridge Loan LOAN TERMS: Bridge to Perm 75% LTV 95 % LTC all assets are over 95 % completed

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175-177 Palmetto Street, 209 Montrose, 295 North 7th, 415 Manhattan, 777 Glenmore & 922 Dekalb Avenue

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