BridgeCity Capital Provides $55M Bridge Loan for Prestige New Construction in Park Slope, Brooklyn
BridgeCity Capital has provided a $55M bridge loan for a recently completed mixed-use building in Park Slope, Brooklyn.
BridgeCity Capital has provided a $55M bridge loan for a recently completed prestige new construction fully amenitized eleven (11) story mixed-use building consisting of 72 residential rental units with condo finishes, one community facility space, a gym, laundry room, bike room, storage lockers & one 3,755 sf retail space leased to DoorDash. The property is located at 262 9th Street in Park Slope, Brooklyn and the landlord is Joseph Banda.
The loan has a 12-month term with extension options and an LTV of 75% L+5.95%. The lender is BridgeCity Capital, a financing company that is actively financing mixed-use, residential, industrial, and construction projects in the NY & Tri-State Area, South Florida, and various other states. The loan was represented by Louis Lebovits, Moishe Loketch, and Allan Lebovits.
The property is a mixed-use building with a total square footage of 72,000 and 72 rental units. The building also features a community facility space, a gym, laundry room, bike room, storage lockers, and a 3,755 square foot retail space leased to DoorDash. The building is a new construction with condo finishes and is fully amenitized.
Park Slope is a highly desirable neighborhood in Brooklyn known for its tree-lined streets, historic brownstones, and proximity to Prospect Park. The neighborhood has seen significant development in recent years, with new residential and commercial buildings popping up throughout the area. The property is located near several subway lines, making it easily accessible to Manhattan and other parts of Brooklyn.
The deal was brokered by undisclosed brokers. BridgeCity Capital’s website states that they are actively seeking loan inquiries and financing projects in various states, including New York and the Tri-State Area, South Florida, and others.