Jay Weitzman of Double U Realty borrows $39M from JPMorgan affiliate for new 45-unit property in Williamsburg

Jay Weitzman of Double U Realty through the entity Ronit Realty LLC as borrower signed a loan agreement with lender Gim Commercial Mortgage Loan Fund L.P valued at $39.0 million for 2 parcels, including the tax class other (OT) and containing 45 residential units at 56 North 9th Street in Williamsburg. The deal closed on September 29, 2020 and was recorded on October 27, 2020.
The property contains a total of 60,915 square feet of built space.
The signatory for the borrower was Jay Weitzman.
The lender is an affiliate of JPMorgan Chase Bank.The building was given its initial temporary certificate of occupancy January 2019. In December 2019 the building was formally converted into two commercial condominium units. The new loan pays off a G4 Capital loan of $36.9 million and adds a gap loan of $2.1 million.

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