Lorimer Capital closed on a $51-million construction loan secured by 29 Wythe Ave., a 126,500-square-foot, four-story mixed-use development in Williamsburg, Brooklyn. The project is being developed by Double U Development, led by principals Jay and Michael Weitzman. Richard Sutton of Parallel CRE arranged the financing.
“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 project will feature multiple components, including 28,500 square feet of below-grade retail pre-leased to Sky Zone, 20,000-plus square feet of street-level retail, a 118-space parking garage, a third-floor retail space under letter of intent with a national fitness chain and a 16,500-square-foot rooftop designed for future use as a restaurant and hospitality venue. Additionally, billboard signage rights have been pre-leased to New Tradition Media.
Rendering courtesy of Archimaera.
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