A partnership of Rubenstein Partners and Heritage Equity Partners has secured a $197 million first mortgage construction loan for the build out of the mixed-use site 25 Kent Avenue. The 500,000 sqf mixed-use commercial and industrial property being built in Williamsburg was funded by Brooklyn Wells Fargo Bank, National Association and Natixis Real Estate Capital. The eight-story Class A building will occupy an entire block adjacent to the East River waterfront. The development will target the city’s creative and tech sectors and recently completed the final steps in the land use approval process.
“There is great anticipation in the market for 25 Kent Avenue and securing construction financing is a major step towards making this extraordinary development a reality,” said Jeremiah Kane, Rubenstein Partners’s Director for New York City. “Williamsburg is a dynamic, 24-hour neighborhood and we are expecting strong demand for new commercial space. 25 Kent Avenue will address an underserved need by offering a unique blend of office and industrial product under one roof.”
