Lorimer Capital closes $51 million construction loan for 126,500 s/f 29 Wythe Ave. development

Brooklyn, NY Lorimer Capital closed a $51 million construction loan secured by 29 Wythe Ave., a to-be constructed 126,500 s/f, four-story mixed-use development which will include retail, entertainment, hospitality and covered parking in Williamsburg. The project is being developed by Double U Development, led by principals Jay and Michael Weitzman. Richard Sutton of Parallel CRE arranged the financing.

“This financing underscores our confidence in Williamsburg’s long-term fundamentals as a thriving retail and lifestyle destination,” said Evan Bell, co-founder and managing partner at Lorimer Capital. “We are proud to support Double U Development in bringing this high-quality project to life, which will further enhance the area’s vibrancy and draw.”

The project will feature multiple components, including, 28,500 s/f of below-grade retail pre-leased to Sky Zone, 20,000 s/f of street-level retail, a 26,500 s/f parking garage with 118 spaces, a third-floor retail space under letter of intent with a national fitness chain, and a 16,500 s/f rooftop designed for future use as a premier restaurant and hospitality venue. In addition, billboard signage rights have been pre-leased to New Tradition Media.

Located at Wythe Ave. between North 13^th and North 14^th St., 29 Wythe is near The William Vale Hotel, Brooklyn Bowl, The Williamsburg Hotel and The Wythe Hotel. The property is within walking distance of Bushwick Inlet Park and McCarren Park.