Lorimer Capital Supplies $51M Construction Loan for Williamsburg Retail Project

Double U Development is doing flips over its latest transaction. 

The developer sealed $51 million of construction financing to build a retail development in Williamsburgh, Brooklyn, that will include a trampoline park, Commercial Observer has learned.

Lorimer Capital provided the loan for the planned four-story project at 29 Wythe Avenue that will feature 126,500 square feet of experiential and traditional retail space. The development is slated for completion in early 2027. 

“This financing underscores our confidence in Williamsburg’s long-term fundamentals as a thriving retail and lifestyle destination,” Evan Bell, co-founder and managing partner at Lorimer Capital, said in a statement. 

Parallel CRE’s Richard Sutton arranged the transaction.

The 126,500-square-foot development will feature 28,500 square feet of underground space pre-leased to Sky Zone Trampoline Park and more than 20,000 square feet of street-level retail. The developer also has a letter of intent with a national fitness chain for space on the third floor and is planning a rooftop restaurant and hospitality venue. 

The property will consist of a parking garage with 118 spaces. Billboard signage rights for the development were pre-leased to New Tradition Media.

29 Wythe Avenue sits at the corner of Wythe Avenue and North 14th Street, midway between the East River shoreline and McCarren Park.

Officials at Double U Development and Parallel CRE did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.