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Acquisitions

RedSky Capital acquires development site on North 6th Street

Thor Equities is the seller

Rendering of 124-136 North 6th Street (Credit: Thor Equities)

RedSky Capital has acquired a development site at 124-136 North 6th Street in Williamsburg from Thor Equities for $32.25 million. Thor was planning to build a 34,500 square feet retail building at the site, according to TRD.

Two moving pieces… The firm secured a $221.8 million loan from JP Morgan Chase. Asides for funding the acquisition, the loan also refinanced $138.57 million in previous debt provided by KKR for 12 properties on Bedford Avenue and North 6th Street. The three-year bridge loan is interest-only.

Some good news for Joe Sitt: Thor paid $21.5 million for the properties in 2014. With over 160 feet of frontage on Berry and North Sixth Streets, this is a great piece

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