New York & Tri-State + Outer + Retail | August 22, 2018

RedSky’s Williamsburg Retail Lands $222M Financing

JLL’s capital markets team has arranged $221.8 million in bridge financing through JP Morgan for a portfolio of retail properties in Williamsburg. The three-year, interest-only loan was arranged on behalf of the owners, Brooklyn-based RedSky Capital and UK-listed investment fund JZ Capital Partners.

The JLL team included Jonathan Schwartz, Aaron Appel, Michael Diaz and Sean Baillie.

“This bridge loan will allow our client to refinance, acquire and fund capital improvements on this collection of well-located retail assets,” said Schwartz. “RedSky and JZ are experienced sponsors, which helped us achieve excellent terms on this loan.”

RedSky founder Ben Bernstein has just been honored with a 2018 Connect Media Next Generation Award.

The RedSky/JZ portfolio consists of 15 retail properties located on North 6th Street and Bedford Avenue, two of New York’s busiest retail corridors outside Manhattan. Four of the North 6th properties are being added to the portfolio through acquisition.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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