Lorimer Capital, a commercial real estate lending platform, announced the closing of a $72-million construction loan secured by 83 Wythe Ave., a to-be-built, approximately 187,000-square-foot, 13-story mixed-use development in Williamsburg, Brooklyn. The project is being developed by an affiliate of Double U Development, led by principals Jay and Michael Weitzman.
Approximately 71,000 square feet of the project has been pre-leased to Life Time, Inc. The remainder will include street-level retail, medical office, and covered parking. The development will also include a rooftop component.
This marks Lorimer Capital’s second financing with the sponsor in recent months in the Williamsburg market. Richard Sutton, Max Lipner, and Akiva Gottlieb of Parallel CRE arranged the financing.
“This financing highlights our continued focus on well-located, mixed-use developments with strong fundamentals and experienced sponsorship,” said Evan Bell, co-founder and managing partner at Lorimer. “83 Wythe Ave. benefits from its scale, pre-leasing momentum, and positioning within one of Brooklyn’s most active neighborhoods.”
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