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Waterbridge, Redsky Close $66M Brooklyn Transaction

BROOKLYN—The Bedford portfolio, a mixed-use development site in Williamsburg which consists of several contiguous parcels, has just closed for over $66 million.

The Bedford Avenue parcels are situated across the street from a new Whole Foods, 158-160 North 4th Street, 151-173 North 3rd Street and 237-241 Bedford Avenue, and consist of 50,000 sq. ft. of retail space, 39 residential units plus a 5,000-sq.-ft. vacant lot.

Eastern Consolidated Directors Gabe Saffioti and Benjamin Tapper introduced Waterbridge Capital to RedSky Capital, arranging a joint venture partnership between the two for the purposes of financing the acquisition. RedSky will act as the manager of the joint venture.

Cooper-Horowitz’s Richard Horowitz and Mark Niman sourced the senior debt for the Bedford Avenue portfolio, eventually placing $51 million in debt on the parcels.

David J. Felt acted for the buyer, Waterbridge Capital LLC, along with Dennis Sughrue of Herrick Feinstein; Mark Nussbaum of Altman Schocket LLP acted for the seller, The Backer Group. Jonathan Bernstein represented RedSky Capital LLC and The Jordan Group. Kaye Scholer’s Trevor Owens represented Jefferies LoanCore who financed the senior debt on the Bedford Avenue portfolio.

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