Square Mile Capital Management has originated a $19 million mezzanine loan for 241 Bedford Avenue, a 74,370 s/f mixed-use property in Williamsburg.
The loan was made to a joint venture led by Redsky Capital, LLC. The proceeds were used to re-finance the existing debt on the property, provide capital to complete renovations of the retail space, fund leasing costs for new retail tenants, and provide capital to renovate the second floor apartment units.
Redsky Capital is Williamsburg’s largest retail landlord with significant holdings on Bedford Avenue, Metropolitan Avenue, Roebling Street, and North 6th Street.
Originally constructed in 1930, 241 Bedford Avenue is a two-story property with 48,860 s/f of retail and 27 residential units.
The property’s retail is currently 51 percent leased to tenants including Foodtown, Umami Burger, Sweetgreen, Parm, and by CHLOE.
Available space includes 21,000 s/f along Bedford Avenue, directly across the street from WeWork’s new Williamsburg location and a Whole Foods market to open in the spring.