L3 Capital Secures $90 Million Loan for Williamsburg Portfolio
L3 Capital has secured a $90 million floating-rate loan to finance a retail portfolio comprised of 11 assets in Williamsburg, Brooklyn, totaling 85,000 square feet in a prime retail corridor.
NEW YORK CITY- L3 Capital has secured a $90 million floating-rate loan to finance a retail portfolio comprised of 11 assets in Williamsburg, Brooklyn, totaling 85,000 square feet in a prime retail corridor. Jones Lang LaSalle arranged the financing for the properties that have significant frontage along North 6th and North 7th Streets, Kent Avenue, Wythe Avenue, and Berry Street.
In 2015, L3 Capital began arranging the portfolio that is in proximity to the Williamsburg waterfront and near the Bedford Avenue subway station. The capital allocator saw favorable fundamentals in the submarket to make the acquisitions because of recent multifamily development projects at the Domino Sugar Factory on 420 Kent Ave. and 285 Broadway, both of which have 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.