JLL Capital Markets has 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 lace the loan with an affiliate of LibreMax Capital LLC.
The seven-story property, named The Umbrella Factory in tribute 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.
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.”