JLL arranges $63.6M refinancing for The Umbrella Factory in Brooklyn
Firm refinances construction loan for Local Capital Group’s and SL Development’s mixed-use condo and retail project in Brooklyn’s Williamsburg neighborhood
NEW YORK, January 7, 2020 – JLL Capital Markets arranged a $63.6 million loan to refinance The Umbrella Factory at 722 Metropolitan Avenue, a mixed-use condominium and retail development in the Williamsburg neighborhood of Brooklyn, New York. The group worked on behalf of Local Capital Group LLC and SL Development LLC to place the loan with an affiliate of LibreMax Capital, LLC.
The seven-story property, named The Umbrella Factory in homage to its former use, totals 65,288 square feet and offers 69 condominium units and 3,970 square feet of ground-floor retail space. The development team acquired the former Embee Sunshade Co. factory in 2017. The firm launched a redevelopment of the pre-war building, adding four floors to the original three-story structure and converting it into a condominium with retail space on the ground floor. Construction on the property is slated to be completed in August 2020.
Each condo unit will feature unique finishes such as domestically sourced heavy timber exposed posts and beams that incorporate the aesthetic appeal of the factory’s rich history. Amenities at the elevator building include basement storage, a bike room, fitness center, laundry room, 17-car parking garage, outdoor entertainment space, roof deck and terraces/balconies.
The property is located on Metropolitan Avenue between Manhattan and Graham Avenues in Williamsburg. It offers unmatched accessibility to New York City in under 10 minutes. The L Train entrance at Graham Avenue under a one-minute walk from the building and the G Train is a four-minute walk.
The JLL Capital Markets professionals handling the refinancing include Managing Director Christopher Peck, Senior Director Peter Rotchford, Associate Kristen Knapp and Analyst Rob Root.
“Williamsburg’s condo market is one of the best performing and fastest growing in New York City, given its superior transportation accessibility and neighborhood amenities,” said Peck. “Condominiums in the area continue to thrive, outperforming the overall Brooklyn market by a wide margin.”
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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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 Local Capital Group LLC
Local Capital Group was founded in 2013 as a partnership to initially acquire, develop and construct mixed-use and multifamily buildings in core, urban markets. Since inception, Local has diversified into additional real estate asset classes by adding industry expertise to its growing team. Currently, the company’s operates in two areas of expertise: mixed-use development and commercial. To date, the company has invested over $300 million of equity to acquire over $900 million in AUM.
About SL Development LLC
SL Development is a New York-based owner-builder with 300,000 square feet currently under development. SL Development is a real estate development company focused on creating quality properties in Brooklyn, Manhattan and San Francisco. The management team has a deep breadth of experience and have developed over 30 projects throughout their respective careers.