FINANCED
BridgeCity Capital Provides $6M Acquisition Loan For Development Site In Brooklyn
356-368 Avenue U. & 2110 East 1st Street
MultiFamily
7,621 SF
7,621 SF
Summary
Loan
NEW YORK
MultiFamily
7,621 sqft
Lee Cohen, a landlord represented by RedHoek Partners, has acquired a development site in Brooklyn. Located at 356-368 Ave U and 2110 East 1st Street, the property spans a total buildable area of 30,003 square feet. The transaction took place on September 29, 2022, and the market value of the site is undisclosed.
Summary of transaction details
- Property Type: Development site
- Transaction Date: September 29, 2022
- Transaction Address: 356-368 Ave U and 2110 East 1st Street
- Market: Brooklyn
- Buildable Square Footage: 30,003
The acquisition of this development site was funded through a loan provided by Louis Lebovits and Moishe Loketch of BridgeCity Capital. The loan amount was $6,000,000, and it was used specifically for the acquisition of the property. The loan terms include a 14-month period with extension options, with a loan-to-value ratio (LTV) of 59%.
Read LessDetails
FINANCED
IMAGE: Louis Lebovits, Moishe Loketch & Lee Cohen
DATE: 09/29/2022
ADDRESS: 356-368 Ave U. & 2110 East 1st Street
MARKET: Brooklyn
ASSET TYPE: Development site ~ BSF: 30,003
LANDLORD: Lee Cohen (@TheLeeCohen) - RedHoek Partners (@Redhoek)
LENDER: Louis Lebovits & Moishe Loketch - BridgeCity Capital
LOAN AMOUNT: $6,000,000
LOAN TYPE: Acquisition
LOAN TERMS: 14 months plus ext options LTV 59%View on map
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Address356-368 Avenue U. & 2110 East 1st Street
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