**Williamsburg Mixed-Use Development Secures $51 Million Construction Loan**
Lorimer Capital has successfully closed on a $51 million construction loan for a new mixed-use development located at 29 Wythe Avenue in Williamsburg, Brooklyn. The 126,500-square-foot, four-story project is being developed by Double U Development, led by principals Jay and Michael Weitzman. Financing for the project was arranged by Richard Sutton of Parallel CRE.
“This financing underscores our confidence in Williamsburg’s long-term fundamentals as a thriving retail and lifestyle destination,” said Evan Bell, co-founder and managing partner at Lorimer Capital. “We are proud to support Double U Development in bringing this high-quality project to life, which will further enhance the area’s vibrancy and draw.”
The development will include a variety of components:
– 28,500 square feet of below-grade retail space, pre-leased to Sky Zone
– Over 20,000 square feet of street-level retail
– A 118-space parking garage
– Third-floor retail space under a letter of intent with a national fitness chain
– A 16,500-square-foot rooftop space planned for future use as a restaurant and hospitality venue
In addition to the retail and hospitality elements, billboard signage rights have already been pre-leased to New Tradition Media.
Rendering courtesy of Archimaera.
