RedSky and JZ Invest in Williamsburg Retail
The owners of a portfolio of 15 retail properties in Williamsburg, Brooklyn received $221.8 million in financing.
NEW YORK CITY—Brooklyn-based RedSky Capital and UK-listed investment fund JZ Capital took out a $221.8 million, three-year, interest-only bridge loan from JP Morgan to finance their Brooklyn retail portfolio.
The RedSky and JZ portfolio consists of 15 retail properties located on N. 6th Street and Bedford Avenue, two highly trafficked retail corridors in the trendy Williamsburg neighborhood.
Four of the properties on North 6th Street are being added to the portfolio through acquisition as a result of the financing. Three of the properties on that street are fully leased. The tenants are Urban Outfitters, Vans, Everlane and Aland. The remaining properties are in the process of being renovated and leased.
The assets in the portfolio are located at the following addresses: 92-94 N. 6th St., 96-98 N. 6th Street, 100-104 N. 6th St., 108-112 N. 6th S.,124-136 N. 6th St., 132 Bedford Ave., 184-192 Bedford Ave. and 204-206 Bedford Ave.
The JLL capital markets team of managing director Jonathan Schwartz, vice chairman Aaron Appel, EVP Michael Diaz and analyst Sean Baillie arranged the financing.
“This bridge loan will allow our client to refinance, acquire and fund capital improvements on this collection of well-located retail assets,” says Schwartz.
“This was a great opportunity to solidify our partnership with JP Morgan,” said Eyal Greenberg, SVP, RedSky Capital. “We look forward to a long-term relationship with them.”