WILLIAMSBURG — Broad Street Realty, owners of Midtown Row, furthered its commitment to the Williamsburg community by acquiring sole ownership of the mixed-use portion of the property.
According to reports, this was made possible through a newly-formed subsidiary. It has secured an $80 million preferred equity investment and a property-specific $15
million mezzanine loan from an affiliate of Fortress Investment Group LLC (“Fortress”).
With a portion of the funds, Broad Street Realty was able to gain sole ownership of the mixed-use portion of the retail, residential, and entertainment district. Other funds went to other Broad Street Realty properties across the country.
“We have deep respect for the Broad Street team and their proven, highly focused, and disciplined investment approach. We are excited to announce this new joint venture, which we believe is exceptionally well-positioned to capitalize on additional opportunities in Broad Street’s targeted markets.” Noah Shore, Fortress Managing Director, said in regards to the venture between the two companies as a whole.
The goal of the investment in the shopping area is to attract more tenants for the currently vacant storefronts still available in Midtown Row.
“We started this process of being invested in the community when we bought the original Williamsburg Shopping Center all by itself,” said Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of Broad Street Realty. “Part of what I promised back in the day was that we planned on being long-term members of the community and by buying our partners out we have truly, firmly committed to staying in the community long term.”
Midtown Row looks to continue hosting events for the community on the stage and green space. It also plans to continue making the property available for community use for years to come.
For more information regarding Midtown Row, visit its official website.