Brooklyn, NY JLL’s Capital Markets experts have arranged a $221.8 million bridge loan through JP Morgan to finance a portfolio of retail properties in the Williamsburg neighborhood. The three-year, interest-only loan was arranged on behalf of the owners, RedSky Capital and UK-listed investment fund JZ Capital Partners.
The JLL team arranging the financing was headed by managing director Jonathan Schwartz, vice chairman Aaron Appel, executive vice president Michael Diaz and analyst Sean Baillie.
“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 RedSky/JZ portfolio consists of 15 retail properties located on North 6th St. and Bedford Ave. 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 St. – are fully leased. The tenants are Urban Outfitters, Vans, Everlane and Aland.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
Sign up is quick, easy, & FREE.