Square Mile Originates $19M Mezz Loan for W’burg Mixed-Use Refi
Cathy Cunningham May 3, 2016, 4:20 p.m.
Brooklyn-based RedSky Capital has received a $19M loan from Square Mile Capital Management to refinance debt on a mixed-use property in Williamsburg, Commercial Observer has learned. The loan has a three-year term.
The 74,370-square-foot property is located at 241 Bedford Avenue. Constructed in 1930, the two-story structure comprises 48,860 square feet of retail space, 21,000 square feet of which is available, and 27 residential rental units. The loan will be used to fund the renovations of the retail space, retail leasing and alterations to the second-floor apartments.
Retail tenants include Umami Burger, Foodtown, Sweetgreen and vegan eatery by CHLOE. RedSky Capital is Williamsburg’s largest retail landlord, with multiple holdings along Bedford Avenue, Metropolitan Avenue, Roebling Street and North 6th Street.
“This transaction was an exciting opportunity to provide financing for an asset strategically located in a prime Williamsburg location, while also enabling us to establish a relationship with Williamsburg’s most active retail landlord,” Square Mile Principal Matthew Drummond said in prepared remarks. “With the strong and continued growth in Williamsburg’s retail and multifamily markets, as well as this property’s central location at the heart of Williamsburg’s recent commercial activity, we feel that the asset has tremendous potential and is well-positioned for continued success as major retailers continue to expand into the neighborhood.”
A spokeswoman for RedSky declined to comment on the transaction.