BridgeCity Capital Lends $38M for Prospect Heights Apartments Build

Ranco Capital has sealed $37.6 million of acquisition and construction financing for the development of a mixed-use multifamily building in Prospect Heights, Brooklyn, Commercial Observer has learned. 

BridgeCity Capital provided the loan for the developer’s planned project at 1084 Pacific Street, which will feature 71 apartment units and 48,061 square feet of retail space. Ranco Capital acquired the site from an undisclosed seller for $11 million, according to BridgeCity.   

“This transaction reflects our team’s continued ability to source and execute complex transactions across New York City’s most dynamic submarkets,” EJ Ehrlich, director of originations for Brooklyn-based BridgeCity, said in a statement. “With an expanding pipeline and deal velocity that continues to accelerate, BridgeCity is closing transactions at a rapid pace across construction, land, and bridge loans — and shows no signs of slowing down.”

Ranco Capital, led by Joseph Branda, filed demolition permits in March for the 13-story property that now stands on the site, New York YIMBY previously reported. No estimated completion date has been announced yet for the 1084 Pacific Street project designed by S. Wieder Architect, according to New York YIMBY. 

Ranco Capital did not immediately return a request for comment.

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