JLL Capital Markets has arranged $63.6 million in refinancing for the development of The Umbrella Factory, a mixed-use condominium and retail project in Brooklyn, N.Y. Managing Director Christopher Peck, Senior Director Peter Rotchford, Associate Kristen Knapp and Analyst Rob Root worked on behalf of the borrowers, a joint venture between SL Development and Local Capital Group. LibreMax Capital provided the loan which retires a $53.5 million acquisition loan received in 2017.
The development team purchased the former Embee Sunshade Co. factory in 2017 to transform it into condominiums. The project includes a redevelopment phase and the addition of four floors on the top of the original three-story structure. The development is slated for completion in August 2020. Once completed, the building will encompass 69 condominiums and 3,970 square feet of ground-floor retail space.
Located at 722 Metropolitan Ave., between Manhattan and Graham Avenues, in Brooklyn’s Williamsburg neighborhood, the building is near public transportation, such as the L subway line and bus lines B43 and B24, which provide access to downtown New York.
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