Waterbridge signs $64.1M refi with Acadia for five properties in Williamsburg

Joel Schreiber’s Waterbridge Capital through the entity 241 Bedford Lessee LLC as borrower signed a refi loan with lender Acadia Realty Trust through the entity 241 Bedford Portfolio Lender LLC valued at $64.1 million for five properties including the rental condo at 175 North 3rd Street in Williamsburg, Brooklyn, property at 155-159 North 3rd Street in Williamsburg, Brooklyn, and property at 160-166 North 4th Street in Williamsburg, Brooklyn.
The deal closed on February 18, 2022 and was recorded on March 28, 2022. The prior lender was Rockwood Capital which held debt that had an original loan amount of $65.6 million. The five properties have 60,971 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,051 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Waterbridge Capital was Joel Schreiber. The signatory for Acadia Realty Trust was Jason Blacksberg.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 237-241 Bedford Avenue.

The property

The 237-241 Bedford Avenue parcel has a total lot size of 5,998 square feet. The city-designated market value for the property in 2022 is $6.7 million.

Violations and lawsuits

The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 237-241 Bedford Avenue, PincusCo has identified the owners of four of the seven commercial properties representing 91,170 square feet of the 152,020 square feet. The identified owner is CB Developers. There is one active new building construction project totaling 70,944 square feet. It is a 249-unit, 70,944-square-foot R-1 building developed by Charles Blaichman with plans filed January 15, 2014 and permitted May 29, 2015.

The majority, or 51 percent of the 40,461 square feet of built space are retail buildings, with residential walkup buildings next occupying 37 percent of the space.

Surrounding

Within a 400-foot radius of 237-241 Bedford Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 22, 2020 for the $2.1 million renovation of zero-square-foot R-2 building with 23 residential units at 156 North 4th Street.
One of those five items was a sale which Ethika Group Holdings bought three condo units in the 18,094-square-foot, 88-unit mixed-use building (RM) on 195 Berry Street and zero other properties for $32 million from SL Green Realty on January 6, 2021.
Of those five items, three were loans above $5 million totaling $89.8 million. The most recent of the three was CB Developers which borrowed $5.4 million from Metropolitan Commercial Bank secured by one condo unit in the 5,732-square-foot, seven-unit mixed-use building (RC) on 247 Metropolitan Avenue on October 13, 2021.

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