The Real Deal New York

Investors score $82M to refi Williamsburg portfolio

Properties at Berry and North 3rd include hotspots Radegast Hall and Egg

October 06, 2016 01:20PM
By Miriam Hall

Aerial view of 103-119 North 3rd Street and 188-190 Berry Street and Radegast Hall at 113 North 3rd Street

Aerial view of 103-119 North 3rd Street and 188-190 Berry Street and Radegast Hall at 113 North 3rd Street

UPDATED, 6:08 p.m., Oct. 6: A group of investors controlling a Williamsburg portfolio that includes popular beer garden Radegast Hall has locked down $82 million in financing from Deutsche Bank, property records filed with the city Wednesday show.

Joel Schreiber’s Waterbridge Capital bought the properties at 103-119 North 3rd Street and 188-190 Berry Street from the estate of Olga Sosa for $92 million last year. The parcel totals 110,000 buildable square feet, including more than 50,000 square feet of residential space. Along with Radegast, restaurants Egg and Viva Toro call the site home, as does chocolatier Mast Brothers.

Waterbridge initially attempted to flip the properties to Chaim Miller, but after that deal fell through, it closed on the parcels in April 2015. It now appears that Waterbridge went on to sell a majority stake in the property to a group of investors including LENY Equities. Mortgage documents for the new loan show Oded Norman, who runs LENY’s operations in the U.S., as the signatory. The loan includes a $6 million gap mortgage. Waterbridge declined to comment on the refinancing in Williamsburg. Representatives from Deutsche Bank declined to comment.

In June of this year, a partnership that included Waterbridge and Nordica Soho filed for Chapter 11 bankruptcy over its stalled Soho condominium development at 182-186 Spring Street.

LENY is part of the development team behind 611 West 56th Street, an 80-unit condo project designed by Pritzker Prize-winning Portuguese architect Álvaro Siza.

Correction: A previous version of this story incorrectly identified the borrower on the property as Waterbridge Capital. In fact, it is an investor group including Oded Norman of LENY Equities. 

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