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Developers Michael Kubersky and Yoel Hershkowitch have sealed $60 million of construction financing to build a mixed-use multifamily development in East Williamsburg, Commercial Observer can first report.
BridgeCity Capital supplied the loan on the planned nine-story project at 828 Metropolitan Avenue that will feature 136 units and ground-floor retail. The development, which is slated for completion in 2025, received a tax exemption under the recently expired 421a tax abatement program since 37 of the units will be set aside as affordable housing.
“The rental market in this submarket continues to grow at a steadily upward pace,” said Allan Lebovits, CEO of BridgeCity Capital, who closed the deal with Moishe Loketch, BridgeCity’s director of business development.
Lebovits noted that the 828 Metropolitan loan brings BridgeCity’s 2023 origination volume to near $1 billion. He said the firm has been seeing a “tremendous amount of business” due to many banks stepping back from the market.
Kubersky and Hershkowitch did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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