January 8, 2020
JLL Capital Markets arranged a $63.6-million loan to refinance The Umbrella Factory at 722 Metropolitan Ave., a mixed-use condominium and retail development in Brooklyn’s Williamsburg neighborhood. 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 development team acquired the former Embee Sunshade Co. factory in 2017. The firm launched a redevelopment, adding four floors to the original three-story structure and converting it into a condo with ground-floor retail. Construction is slated for completion in August.
The JLL team handling the refi included Christopher Peck, Peter Rotchford, Kristen Knapp and 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.”
Get CRE News in 150 words For comments, questions or concerns, please contact Paul Bubny
Tags: Apartments & Multifamily, Condominium, Financing
apartments condominium financing
new-york-news outerboroughs-new-york
Brooklyn Factory Turned Condo Lands $64M Refi
Paul Bubny
