Williamsburg Mixed-Use Secures $72M Construction Loan

Lorimer Capital, a commercial real estate lending platform, announced the closing of a $72-million construction loan secured by 83 Wythe Ave., a to-be-built, approximately 187,000-square-foot, 13-story mixed-use development in Williamsburg, Brooklyn. The project is being developed by an affiliate of Double U Development, led by principals Jay and Michael Weitzman.

Approximately 71,000 square feet of the project has been pre-leased to Life Time, Inc. The remainder will include street-level retail, medical office, and covered parking. The development will also include a rooftop component.

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. “83 Wythe Ave. benefits from its scale, pre-leasing momentum, and positioning within one of Brooklyn’s most active neighborhoods.”

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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 16-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 7-10 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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