{"id":1004177415,"date":"2017-05-18T07:02:38","date_gmt":"2017-05-18T15:02:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004177415"},"modified":"2017-05-18T07:02:38","modified_gmt":"2017-05-18T15:02:38","slug":"sl-development-secures-54m-loan-for-williamsburg-warehouse-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-development-secures-54m-loan-for-williamsburg-warehouse-buy\/","title":{"rendered":"SL Development Secures $54M Loan for Williamsburg Warehouse Buy"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004177428\" style=\"width: 338px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004177428\" data-attachment-id=\"1004177428\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sl-development-secures-54m-loan-for-williamsburg-warehouse-buy\/umbrellafactoryrenderingjpg\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg\" data-orig-size=\"1135,851\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rendering of 722 Metropolitan Ave., New York City\" data-image-description=\"&lt;p&gt;Rendering of 722 Metropolitan Ave., New York City&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Rendering of 722 Metropolitan Ave., New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg?w=1024\" class=\"wp-image-1004177428 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg\" alt=\"Rendering of 722 Metropolitan Ave., New York City\" width=\"328\" height=\"246\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg 1135w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Umbrella-Factory-RenderingJPG.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 328px) 100vw, 328px\" \/><\/a><p id=\"caption-attachment-1004177428\" class=\"wp-caption-text\">Rendering of 722 Metropolitan Ave., Brooklyn, N.Y.<\/p><\/div>\n<p>Madison Realty Capital recently arranged the financing for\u00a0722 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,\u00a0which SL Development plans to redevelop into a 90,000-square-foot mixed-use building. JLL\u2019s Aaron Appel,\u00a0Michael Diaz and\u00a0Alex Witt\u00a0represented the borrower in the transaction.<\/p>\n<p>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. <a href=\"https:\/\/www.commercialsearch.com\/news\/williamsburg-mixed-use-sets-sights-on-2016\/\">Development-wise<\/a>, Brooklyn is a red-hot borough, with a downtown that has one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-office-market-heats-up-with-new-development\/\">lowest vacancy rates<\/a> in the United States.<\/p>\n<p>&#8220;<em>Our substantial investment experience throughout the\u00a0New York City\u00a0market allowed us to quickly understand the borrower&#8217;s needs and provide a single source of financing, which will ultimately facilitate a smooth execution of the business plan,<\/em>&#8221;\u00a0Madison Realty Capital Managing Principal Josh Zegen said in prepared remarks.<\/p>\n<p><em>Image courtesy of SL Development<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Madison Realty Capital arranged the financing for the firm&#8217;s acquisition and upcoming development of a 90,000-square-foot mixed-use building in Brooklyn\u2019s Williamsburg neighborhood. The redevelopment is slated for completion in July 2019.<\/p>\n","protected":false},"author":241,"featured_media":1004177428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21752,1600,21742,10],"tags":[35647,33241,35646],"class_list":["post-1004177415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-mixed-use","category-new-york","category-latest","category-northeast","tag-722-metropolitan-ave","tag-madison-realty-capital","tag-sl-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SL Development Secures $54M Loan for Williamsburg Warehouse Buy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-development-secures-54m-loan-for-williamsburg-warehouse-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Development Secures $54M Loan for Williamsburg Warehouse Buy\" \/>\n<meta property=\"og:description\" content=\"Madison Realty Capital arranged the financing for the firm&#039;s acquisition and upcoming development of a 90,000-square-foot mixed-use building in Brooklyn\u2019s Williamsburg neighborhood. 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