SL Development Secures $54M Loan for Williamsburg Warehouse Buy
Madison Realty Capital arranged the financing for the firm's acquisition and upcoming development of a 90,000-square-foot mixed-use building in Brooklyn’s Williamsburg neighborhood. The redevelopment is slated for completion in July 2019.
By Corina Stef
Rendering of 722 Metropolitan Ave., Brooklyn, N.Y.
Madison Realty Capital recently arranged the financing for 722 Metropolitan Ave., in Brooklyn, on behalf of SL Development. The $53.5 mortgage loan provided financing for the acquisition of the 34,500-square-foot post-war former umbrella factory, which SL Development plans to redevelop into a 90,000-square-foot mixed-use building. JLL’s Aaron Appel, Michael Diaz and Alex Witt represented the borrower in the transaction.
The owner hired Rawling Architects to design the building, which will include four stories with 69 luxury condos, 20,000 square feet of ground-floor retail space, a gym, a roof deck, terraces, basement storage, a bike room and 18 parking spaces. The development is schedule for completion in July 2019. Nearby amenities include restaurants, bars, shops, parks and concert venues. Development-wise, Brooklyn is a red-hot borough, with a downtown that has one of the lowest vacancy rates in the United States.
“Our substantial investment experience throughout the New York City market allowed us to quickly understand the borrower’s needs and provide a single source of financing, which will ultimately facilitate a smooth execution of the business plan,” Madison Realty Capital Managing Principal Josh Zegen said in prepared remarks.
Image courtesy of SL Development
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