JLL’s Capital Markets team has arranged a $221.8 million bridge loan through J.P. Morgan Chase to finance a portfolio of retail properties in Williamsburg.
The three-year, interest-only loan was arranged on behalf of the owners, Brooklyn-based RedSky Capital and UK-listed investment fund JZ Capital Partners.
The JLL team arranging the financing was led by Managing Director Jonathan Schwartz, Vice Chairman Aaron Appel and Executive Vice President Michael Diaz.
“This bridge loan will allow our client to refinance, acquire and fund capital improvements on this collection of well-located retail assets,” said Schwartz. “RedSky Capital and JZ Capital Partners are experienced sponsors, which helped us achieve excellent terms on this loan.”
“This was a great opportunity to solidify our partnership with JP Morgan,” said Eyal Greenberg, Senior Vice President with RedSky Capital. “We look forward to a long-term relationship with them.”
The portfolio consists of 15 retail properties located on North 6th Street and Bedford Avenue, two of New York’s most highly trafficked retail corridors outside Manhattan.
Four of the properties on North 6th are being added to the portfolio through acquisition as a result of the financing. Three of the properties – all on North 6th Street – are fully leased. The tenants are Urban Outfitters, Vans, Everlane and Aland. The remaining properties are in the process of being improved and leased.