RedSky Capital's Williamsburg Retail Portfolio Sold For $232M With BlackRock And L3 Capital Financing
92 N 6th St, Williamsburg, Brooklyn, NY, USA
$232,000,000
$1,886/SF
Building Size
123,000 SF
Asset Type
Retail
Closing
Jan 8, 2021
About this deal
AI
The retail property located at 92, 102, 108, 110, 112, 124 & 134 North 6th St.; 132, 184, 186, 188, 190, 192 & 204 Bedford Ave. in Williamsburg has been involved in a recent mezzanine loan sale. The transaction took place on January 9, 2021.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $232,000,000
- Square Footage: 123,000 SF
- Lender: BlackRock & L3 Capital
- Landlord: RedSky Capital - Benjamin Bernstein & Benjamin Stokes
- BROKERS: Ariel Schuster, Brett Siegel, Evan Layne, Dustin Stolly & Jordan Roeschlaub - Newmark
The mezzanine loan sale was facilitated by brokers Ariel Schuster, Brett Siegel, Evan Layne, Dustin Stolly, and Jordan Roeschlaub from Newmark. The property is owned by RedSky Capital, headed by Benjamin Bernstein and Benjamin Stokes. The lenders involved in the transaction were BlackRock and L3 Capital.
On the Map
$232,000,000
$1,886/SF
Retail
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Players
New York Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93