BridgeCity Capital Provides $5.8M Loan For Development Site In Brooklyn

Located at 488 Marcus Garvey Blvd. in Brooklyn, this development site was involved in a recent loan transaction. The property spans a total of 12,286 square feet. The loan was facilitated by BridgeCity Capital, represented by Moishe Loketch and Louis Lebovits, for an amount of $5,800,000. The loan terms include a 69.4% loan-to-cost ratio and a 24-month term with a 6-month extension. The landlords for this property are Jack Gold and Rivkah Sontag.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $5,800,000
• Address: 488 Marcus Garvey Blvd.
• Market: Brooklyn
• Loan Provider: BridgeCity Capital - Moishe Loketch & Louis Lebovits
• Landlords: Jack Gold & Rivkah Sontag
• Loan Terms: 69.4% LTC, 24-month term with 6-month extension

The loan transaction for this development site was made possible by BridgeCity Capital, with Moishe Loketch and Louis Lebovits representing the lender. The borrowers, Jack Gold and Rivkah Sontag, serve as the landlords for this property. The loan amount of $5,800,000 allowed for the development of the site, which spans 12,286 square feet. With a loan-to-cost ratio of 69.4%, the loan terms provide a 24-month term and the possibility of a 6-month extension.