The Real Deal New York

Joel Schreiber, RedSky land $104M refi for Williamsburg portfolio

JPMorgan Chase is the lender
By Konrad Putzier | May 30, 2018 01:30PM

237–241 Bedford Avenue, Ben Bernstein, and Joel Schreiber (Credit: JBS, Cornell, and Shir Stein)

UPDATED, May 31, 5:38 p.m.: RedSky Capital, JZ Capital Partners and Joel Schreiber’s Waterbridge Capital refinanced their Williamsburg residential-and-retail portfolio dubbed Redbridge with a $104 million loan, according to JLL, which brokered the deal.

JPMorgan Chase provided the financing for the 85,000-square-foot portfolio. The properties are located at 237–241 Bedford Avenue, , 160-164 North 4th Street and 159-173 North 3rd Street. Tenants include Sephora, Sweetgreen and the Dig Inn. The portfolio also includes 247 Bedford Avenue, home to an Apple store, but this property wasn’t part of the refinancing, RedSky said.

JLL’s Jonathan Schwartz, Aaron Appel, Douglas Baillie and Sean Bastian brokered the loan.

RedSky and Waterbridge bought the portfolio for $66 million in 2012. Waterbridge’s Joel Schreiber is best known for being WeWork’s first investor.

Correction: the article has been updated to clarify that 247 Bedford was not part of the refinancing.