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Knighthead Provides Debt for Brooklyn Warehouse Conversion
Knighthead Funding LLC has provided Cayuga Capital Management with $22 million in short-term debt to finance the conversion of a vacant Brooklyn warehouse into a 46,000-square-foot retail facility. The renovated site at 1 Nassau Ave. in Williamsburg will be the home of the first East Coast facility for Vital Climbing Gym.
Proceeds from Knighthead’s 24-month financing will be used to complete building renovations and tenant improvements for a California-based fitness operator, which recently signed a long-term lease to occupy the entire building beginning in April 2020. Vital Climbing currently operates three gyms in Southern California and one in Bellingham, WA.
“The sponsors have strong experience redeveloping, managing and repositioning similar assets, including three in Williamsburg and Bushwick,” said Knighthead principal Jonathan Daniel. “The target customer for Vital Climbing Gym fits well with the demographic make-up of Williamsburg.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
