{"id":78413,"date":"2025-12-22T21:03:21","date_gmt":"2025-12-22T21:03:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/78413\/"},"modified":"2025-12-22T21:03:21","modified_gmt":"2025-12-22T21:03:21","slug":"bridgecity-lends-72m-for-downtown-brooklyn-apartments-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/78413\/","title":{"rendered":"BridgeCity Lends $72M for Downtown Brooklyn Apartments \u2013 Commercial Observer"},"content":{"rendered":"<p>Developer <a href=\"https:\/\/commercialobserver.com\/company\/southside-units\/\" title=\"Southside Units\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Southside Units<\/a> has landed $72 million of construction financing to build a multifamily development in Downtown Brooklyn, Commercial Observer has learned.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/bridgecity-capital\/\" title=\"BridgeCity Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">BridgeCity Capital<\/a> supplied the loan for Southside\u2019s planned 14-story project at 236 Gold Street. The deal closed last Thursday at an 80 percent loan-to-cost ratio for an 18-month term with extension options.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2025\/12\/pccp-76m-refi-tennessee-multifamily\/\" rel=\"nofollow noopener\" target=\"_blank\">PCCP Provides $76M Refi for Tennessee Multifamily Complex Near Civil War Battlefield<\/a><\/p>\n<p>EJ Ehrlich, senior analyst with BridgeCity, said in a statement the transaction reinforces the bridge lender\u2019s \u201ccommitment to financing high-quality, ground-up projects where strong sponsorship and market fundamentals intersect.\u201d<\/p>\n<p>Southside Units, which is run by Joel Schwartz, filed plans for 117 apartments in May 2024 with 30 of the units to be designated as affordable housing, The Real Deal <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/therealdeal.com\/new-york\/2024\/05\/16\/joel-schwartz-files-resi-plans-in-downtown-brooklyn\/\">reported<\/a> at the time.\u00a0Schwartz acquired the property for $3.7 million in 2022, according to TRD.\u00a0<\/p>\n<p>Representatives for Southside Units did not immediately return a request for comment.\u00a0<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2025\/12\/bridgecity-downtown-brooklyn-apartments\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Developer Southside Units has landed $72 million of construction financing to build a multifamily development in Downtown Brooklyn,&hellip;\n","protected":false},"author":2,"featured_media":78414,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[98,100,99,38996,38997,9,24,63],"class_list":["post-78413","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-ej-ehrlich","tag-joel-schwartz","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/78413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=78413"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/78413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/78414"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=78413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=78413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=78413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}