**Williamsburg Mixed-Use Development Secures $51M Construction Loan**
Lorimer Capital has closed on a $51 million construction loan for a new mixed-use project located at 29 Wythe Avenue in the Williamsburg neighborhood of Brooklyn. The development will span four stories and approximately 126,500 square feet. It is being spearheaded 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 several key components:
– 28,500 square feet of below-grade retail space, pre-leased to Sky Zone
– Over 20,000 square feet of street-level retail space
– 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 designated for future restaurant and hospitality use
Additionally, billboard signage rights for the property have been pre-leased to New Tradition Media.
Rendering courtesy of Archimaera.
