BridgeCity Capital Provides $2.6 Million Loan for Williamsburg Development Site

BridgeCity Capital, a private real estate lender led by Louis Lebovits and Moishe Loketch, has provided a $2.6 million loan for a development site in Williamsburg, Brooklyn. The site, located at 30-32 Bartlett Street, has a buildable square footage of 23,000 and is owned by landlord Martin Yakobovitch.

The loan has a term of 12 months and will be used to finance the development of the site. The property is located in a prime location in Williamsburg, which has become one of the most sought-after neighborhoods in Brooklyn in recent years. The area is known for its trendy restaurants, bars, and shops, as well as its proximity to Manhattan.

The property is zoned for mixed-use development, which means it can be used for both residential and commercial purposes. The site is currently vacant, but it has the potential to be developed into a multi-story building with retail space on the ground floor and residential units above.

BridgeCity Capital specializes in providing short-term loans for real estate projects. The firm has a track record of providing financing for a variety of property types, including residential, commercial, and industrial. The firm’s founders, Louis Lebovits and Moishe Loketch, have over 30 years of combined experience in the real estate industry.

The deal was brokered by an undisclosed brokerage firm. The transaction highlights the continued demand for development sites in Brooklyn, particularly in popular neighborhoods like Williamsburg. As the area continues to grow and attract new residents, developers and investors are looking for opportunities to capitalize on the neighborhood’s popularity and potential for growth.