BridgeCity Lends $72M for Downtown Brooklyn Apartments

Developer Southside Units has landed $72 million of construction financing to build a multifamily development in Downtown Brooklyn, Commercial Observer has learned.

BridgeCity Capital supplied the loan for Southside’s 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.

EJ Ehrlich, senior analyst with BridgeCity, said in a statement the transaction reinforces the bridge lender’s “commitment to financing high-quality, ground-up projects where strong sponsorship and market fundamentals intersect.”

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 reported at the time. Schwartz acquired the property for $3.7 million in 2022, according to TRD. 

Representatives for Southside Units did not immediately return a request for comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.