Lorimer Capital, a commercial real estate lending platform, announced the closing of a $72 million construction loan secured by 83 Wythe Avenue, a to-be-built, approximately 187,000-square-foot, 13-story mixed-use development in Williamsburg, Brooklyn.
Approximately 71,00 square feet of the project has been pre-leased to Life Time Inc., an operator of luxury athletic and wellness destinations. The remainder of the project will include street level retail, medical office and covered parking. The development will also include a rooftop component.
The project is being developed by an affiliate of Double U Development, led by principals Jay and Michael Weitzman, Brooklyn-based sponsors with a strong track record across mixed-use, multifamily and retail projects in Brooklyn and Queens. This marks Lorimer Capital’s second financing with the sponsor in recent months in the Williamsburg market. Richard Sutton, Max Lipner and Akiva Gottlieb of Parallel CRE arranged the financing.
“This financing highlights our continued focus on well-located, mixed-use developments with strong fundamentals and experienced sponsorship,” said Evan Bell, co-founder and managing partner at Lorimer Capital. “83 Wythe Avenue benefits from its scale, pre-leasing momentum, and positioning within one of Brooklyn’s most active neighborhoods.”
Located at the corner of Wythe Avenue and North 11th Street, the property sits within Williamsburg’s highly trafficked North Brooklyn submarket. The site is near Bushwick Inlet Park, Marsha P. Johnson Park and McCarren Park, and is surrounded by a mix of hospitality, retail, and entertainment destinations.
