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NEW YORK, May 31, 2018 – JLL's Capital Markets experts have arranged a $104 million loan to refinance Redbridge, a mixed-use residential and retail property in Williamsburg, Brooklyn, N.Y. The group worked on behalf of RedSky Capital LLC, JZ Capital Partners Ltd. and Waterbridge Capital LLC to place the loan with JP Morgan Chase & Co.
Managing Director Jonathan Schwartz and Vice Chairman Aaron Appel led the JLL Capital Markets team handling the debt assignment.
"RedSky Capital has established itself as a leading investor in Brooklyn," said Schwartz. "Its Redbridge Portfolio is located on one of the most prosperous retail corridors in Brooklyn. This was a tremendous lending opportunity that was competitively bid."
"We are thrilled to do this transaction with JP Morgan Chase as the firm is a world-class institution," said Eyal Greenberg, senior vice president with RedSky Capital. "It is reflective of the quality of the Redbridge portfolio and its outstanding tenancy."
Redbridge is comprised of approximately 85,000 square feet of residential and retail space and is located at 237 – 241 Bedford Avenue, 160 – 164 North 4th Street and 159 – 173 North 3rd Street in the heart of Williamsburg. RedSky Capital acquired the portfolio in 2012. Retail tenants at Redbridge also include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. The portfolio also includes more than 20,000 square feet of retail space at 247 Bedford Avenue, which is occupied by Apple Inc. and The Corcoran Group.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.