With $197M Construction Loan, 25 Kent Can Finally Begin Construction
The partners behind a major combination office-industrial project in Williamsburg have secured nearly $200M in financing and can move forward with construction.
The loan will cover all future construction costs and fully capitalizes the 500k SF, eight-story mixed-use commercial and industrial property. Occupying a full block near the East River waterfront, the project is one of the largest office complexes in Brooklyn and will bring new industrial space and Class-A office aimed at creative and tech sectors to the market.
Rubenstein bought the site in 2015 for $132.4M. The property completed the final steps of the city’s ULURP land use approval process in July. Despite having no anchor tenant, the developers will begin construction. [Crain's]