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

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.