L3 Capital Lands $91M Refi for Brooklyn Retail Portfolio
- Jan 29, 2020
L3 Capital has obtained a $90.5 million floating-rate loan to refinance an 85,000-square-foot retail portfolio in Brooklyn. JLL worked on behalf of the borrower to secure the mortgage for all 11 assets included in the deal. According to public records, Ladder Capital Finance originated the loan.
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All properties have significant frontages within a prime retail corridor in the borough’s Williamsburg neighborhood, with the buildings located at 81-83, 85-87, 89, 91, 111, 113, 115 N. Sixth St., 108 and 104-106 N. Seventh St., 168-170 Wythe Ave. and Kent Corner. The portfolio is near the popular Bedford Avenue subway station, providing significant foot traffic. Williamsburg’s waterfront area is also close, with residential projects such as those at the Domino Sugar Factory, 420 Kent Ave. and 285 Broadway St. leading to notable commercial growth in the area.
L3 Capital started putting together the mixed-use portfolio in 2015 and, since then, the company has repositioned most of the properties. According to the firm’s business plan, part of the loan proceeds will be used for new construction on three development parcels along Kent Avenue and North Sixth Street.
JLL Senior Director Geoff Goldstein, Managing Director Rob Rizzi and Executive Vice President Brett Rosenberg handled the debt placement. Late last year, Goldstein was also part of the team that arranged a $350 million loan for a 43-story office tower in Manhattan.