Joel Schwartz gets $6M construction loan from BridgeCity Capital for project in Bushwick

Joel Schwartz through the entity 177 Palmetto LLC as borrower signed a loan agreement with lender BridgeCity Capital through the entity Bridgecity Capital Qob LLC valued at $6 million for 1 parcel, including the tax class unlicensed parking lot (G7) at 177 Palmetto Street in Bushwick. The deal closed on November 13, 2020 and was recorded on December 9, 2020.

There are plans for a 16-unit residential building at the site.

The lender was BridgeCity, which provided a $2 million land loan and a $4 million building loan. The last time the property sold was November 4, 2019 for $2,200,000.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

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