BridgeCity Capital Provides $11M Loan For Development Site In Williamsburg | 494 Manhattan Avenue | Louis Lebovits | Development Site | Loan

Summary

Loan

NEW YORK

Development Site

15,803 sqft

A development site located at 494 Manhattan Ave. in Williamsburg has been sold. The property is a 6-story, elevator mixed-use building with 23 apartments and 12 first-floor parking spaces. The total buildable square footage is 15,803, and the property is classified as a development site.

Summary of transaction details:

Property Type: Development Site
Transaction Amount: $11,000,000
Market: Williamsburg
Buildable Square Footage (BSF): 15,803
Total Units: 23

The loan for this transaction was provided by BridgeCity Capital, represented by Louis Lebovits, Moishe Loketch, and Allan Lebovits. The loan amount is $11,000,000, and the loan terms include a 24-month term with a loan-to-cost (LTC) ratio of 70%.

Note: No further information on additional individuals or entities involved in this deal is available.

Players

All
1

Agents
1

Louis Lebovits

COO & General Counsel

$2.9M Sold

Details

Deal Summary

FINANCED

IMAGE: Moishe Loketch, Allan Lebovits & Louis Lebovits DATE: 07/09/2021 ADDRESS: 494 Manhattan Ave. MARKET: Williamsburg ASSET TYPE: Development Site ~ BSF: 15,803 ~ UNITS: 23 LENDER: BridgeCity Capital (@BridgeCityFunding) - Louis Lebovits, Moishe Loketch & Allan Lebovits LOAN AMOUNT: $11,000,000 LOAN TERMS: 24 month term 70% LTC BUILDING INFO: 6-story, elevator mixed-use building containing 23 apartments, and 12 first floor parking spaces.

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Address494 Manhattan Avenue

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