JLL Capital Markets arranged a $63.6 million loan to refinance The Umbrella Factory at 722 Metropolitan Avenue, a mixed-use condominium and retail development in Williamsburg, Brooklyn.
The group worked on behalf of Local Capital Group LLC and SL Development LLC to place the loan with an affiliate of LibreMax Capital, LLC.
The seven-story property, named The Umbrella Factory in homage to its former use, totals 65,288 s/f and offers 69 condominium units and 3,970 s/f of ground-floor retail space.
The development team acquired the former Embee Sunshade Co. factory in 2017. The firm launched a redevelopment of the pre-war property, adding four floors to the original three-story structure and converting it into a condominium with retail space on the ground floor.
Construction on the property is slated to be completed in August 2020.
Each condo unit will feature unique finishes such as domestically sourced heavy timber exposed posts and beams that incorporate the aesthetic appeal of the factory’s history.
Amenities at the elevator building will include basement storage, a bike room, fitness center, laundry room, 17-car parking garage, outdoor entertainment space, roof deck, terraces and balconies.
The property is located on Metropolitan Avenue between Manhattan and Graham Avenues in Williamsburg. It offers a 10-minute subway ride to Manhattan.
The JLL Capital Markets professionals who arranged the refinanced include Managing Director Christopher Peck, Senior Director Peter Rotchford, Associate Kristen Knapp and Analyst Rob Root.
“Williamsburg’s condo market is one of the best performing and fastest growing in New York City, given its superior transportation accessibility and neighborhood amenities,” said Peck.
“Condominiums in the area continue to thrive, outperforming the overall Brooklyn market by a wide margin.”