Crestline Investors, Four Leaf Partners Provide $15.4M Bridge Loan for Double U Development's Williamsburg Mixed-Use Refinance

Crestline Investors and Four Leaf Partners have closed a $15.4 million senior secured bridge loan to Double U Development, refinancing a mixed-use retail and apartment building on North 6th Street in Williamsburg, Brooklyn, the firms announced July 21, 2026.

The loan proceeds will fund the completion of a ground-floor conversion into retail space, which Double U Development plans to lease to national retail brands. Four Leaf Partners will service the loan throughout the process.

Deal Structure and Parties

The transaction represents a refinancing of an existing mixed-use asset, with the bridge loan structured as senior secured debt. Crestline Investors, a global alternative investment management firm with approximately $17.5 billion in credit assets under management as of December 31, 2025, closed the financing alongside Four Leaf Partners.

Double U Development is a Brooklyn-based real estate development firm founded by Jay and Michael Weitzman, focused on transforming Williamsburg and Greenpoint properties into mixed-use residential and retail buildings. The firm's business plan for the North 6th Street asset centers on completing the ground-floor build-out to modern retail specifications before leasing to national retail tenants.

"North 6th Street in Williamsburg is one of New York's strongest retail blocks, with this property's location and diversified mixed-use income strengthening our conviction here," said Seb Trujillo, Vice President at Crestline.

"Crestline understood the neighborhood and what we were building here from day one, making them the right partner for this project," said Michael Weitzman, Founder and CEO of Double U Development.

Property and Location

The collateral property is a retail and apartment building on North 6th Street, a high-foot-traffic corridor in Williamsburg that Crestline described as one of New York's busiest shopping streets. The block runs between Bedford Avenue and Kent Avenue and sits near the Bedford Avenue L train station, a location that has attracted national retail tenants across apparel, grocery, and other categories in recent years.

The asset's mixed-use configuration — apartments above ground-floor commercial space — is a common format in the neighborhood. The bridge loan functions as both a refinancing vehicle and a source of capital to complete the retail conversion and prepare the space for lease-up.

Williamsburg mixed-use properties have commanded strong per-square-foot valuations in recent years, reflecting the submarket's residential density, demographic profile, and growing street-level retail demand from national brands seeking high-visibility urban locations.

Lender and Sponsor Profiles

Crestline Investors, formally Crestline Management, L.P., was founded in 1997 and is headquartered in Fort Worth, Texas, with affiliate offices in London, New York, Tokyo, and Toronto. The firm operates across capital solutions, direct lending, and portfolio finance platforms. Crestline Europe, LLP, an affiliate, is authorized and regulated by the UK Financial Conduct Authority.

The Williamsburg transaction is consistent with Crestline's direct lending strategy, which targets situations where traditional bank financing may be less available due to construction or lease-up risk. By partnering with Four Leaf Partners — which will handle loan servicing — Crestline gains an asset-management overlay tailored to the project's execution timeline.

Double U Development's focus on Williamsburg and Greenpoint positions the firm as a neighborhood-specialist sponsor operating within a defined geographic footprint. The North 6th Street project reflects a value-add approach: refinancing existing mixed-use buildings and repositioning ground-floor commercial space to attract national retail tenants.

Market Context

The financing comes as street-level retail demand in select New York City corridors has shown renewed strength, with national brands re-entering or expanding in high-foot-traffic locations that support both physical retail and omnichannel strategies. Williamsburg's North 6th Street area has emerged as one of the more active retail strips in Brooklyn, drawing tenants that reflect the neighborhood's residential density and consumer spending patterns.

Bridge lending on mixed-use assets in supply-constrained urban submarkets has become an active segment for alternative credit managers, which can offer flexible structures that align with the timeline of retail lease-up and conversion projects where traditional lenders may require stabilized cash flow before committing capital.

For Double U Development, securing institutional bridge financing from Crestline Investors and Four Leaf Partners reflects a broader pattern of mid-market, neighborhood-focused sponsors accessing private credit markets to execute value-add business plans in core urban locations.