BridgeCity Capital Provides $4.4M Loan for Greenpoint Development Site

BridgeCity Capital has provided a $4.4 million loan for a development site located at 494-500 Manhattan Avenue in Greenpoint, Williamsburg. The property is owned by landlord Gerald Wetzel and spans 15,803 square feet. The loan term is 12 months and the lender is BridgeCity Capital.

The property is currently a vacant lot, zoned for mixed-use development. The site is located in a prime location, with easy access to public transportation and a variety of amenities in the surrounding area. The property is also located in an Opportunity Zone, which provides tax incentives for investors.

The buyer and seller in the transaction have not been disclosed. However, the property was marketed by Moishe Loketch, Louis Lebovits, and Pinny Loketch of Loketch Group. The brokers have extensive experience in the Greenpoint and Williamsburg markets, and have completed numerous transactions in the area.

The loan provided by BridgeCity Capital will allow the borrower to move forward with development plans for the site. The loan term of 12 months provides flexibility for the borrower to secure additional financing or sell the property once development is complete.

Overall, this transaction highlights the continued demand for development sites in prime locations, particularly in Opportunity Zones. The involvement of experienced brokers and a reputable lender like BridgeCity Capital further underscores the strength of the market in Greenpoint and Williamsburg.