JLL Capital Markets secured a $90.5 million loan to finance a retail portfolio comprising 11 assets totaling 85,000 s/f within in the prime retail corridor of the Williamsburg neighborhood of Brooklyn, NY.
The properties all have significant retail frontages positioned along North 6th and North 7th streets, Kent Avenue, Wythe Avenue and Berry Street., a neighborhood now known as one of Brooklyn’s hottest.
JLL worked on behalf of the borrower, L3 Capital LLC, to place the floating-rate loan.
The individual assets include 81-83 North 6th Street; 85-87 North 6th Street; 89 North 6th Street; 91 North 6th Street; 111 North 6th Street; 113 North 6th Street; 115 North 6th Street; 108 North 7th Street; 104-106 North 7th Street; 168-170 Wythe Avenue. L3 Capital started assembling the mixed-use portfolio in 2015 and has successfully repositioned a majority of the properties. The new joint venture will continue to execute the established business plan, including the construction of the three development parcels along Kent Avenue and North 6th Street.
Positioned between Williamsburg’s trendy waterfront area and the popular Bedford Avenue subway station, the portfolio experiences significant foot traffic. Recent high-profile residential development projects at the Domino Sugar Factory, 420 Kent and 285 Broadway have further transformed the demographics of Williamsburg and led to significant commercial growth in the area.
The JLL Capital Markets professionals handling the debt placement include Geoff Goldstein, Rob Rizzi and Brett Rosenberg.
L3 Capital focuses on prime urban retail and mixed use assets, primarily in the $10 million to $100 million range. Most of its properties are in high-end areas.