JLL arranges $90.5M loan to finance portfolio in Brooklyn
Firm represents L3 Capital in the refinancing of its retail portfolio
NEW YORK, January 28, 2020 — JLL Capital Markets secured a $90.5 million loan to finance a retail portfolio comprising 11 assets totaling 85,000 square feet within in the prime retail corridor of the Williamsburg neighborhood of Brooklyn, N.Y. The properties all have significant retail frontages positioned along North 6th and North 7th streets, Kent Avenue, Wythe Avenue and Berry Street.
JLL worked on behalf of the borrower, L3 Capital LLC, to place the floating-rate loan.
The individual assets include:
- 81-83 North 6th Street
- 85-87 North 6th Street
- 89 North 6th Street
- 91 North 6th Street
- 111 North 6th Street
- 113 North 6th Street
- 115 North 6th Street
- 108 North 7th Street.
- 104-106 North 7th Street
- 168-170 Wythe Avenue
- Kent Corner
L3 Capital started assembling the mixed-use portfolio in 2015 and has successfully repositioned a majority of the properties. The new joint venture will continue to execute the established business plan, including the construction of the three development parcels along Kent Avenue and North 6th Street.
Positioned between Williamsburg’s trendy waterfront area and the popular Bedford Avenue subway station, the portfolio experiences significant foot traffic. Recent high-profile residential development projects at the Domino Sugar Factory, 420 Kent and 285 Broadway have further transformed the demographics of Williamsburg and led to significant commercial growth in the area.
The JLL Capital Markets professionals handling the debt placement include Geoff Goldstein, Rob Rizzi and Brett Rosenberg.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and 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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About L3 Capital
L3 Capital is a best-in-class, boutique, prime urban retail and mixed-use real estate investment firm that targets institutional quality core-plus and value-add urban retail investments within first tier metropolitan markets. Founded in 2009 by Timothy Phair and Domenic Lanni, L3 Capital is characterized as an entrepreneurial, innovative and high-energy real estate investment firm that is grounded in impressive experience and expertise.