CW Realty Gets Construction Financing For Williamsburg Apartment Building
Cheskie Weisz has obtained the funding needed to complete his latest multifamily project in Williamsburg.
Weisz's CW Realty closed a $78M construction loan from Austin hedge fund Prophet Capital Asset Management and online-only Bank of Internet USA for 187 Kent, a 140K SF, seven-story building with rental apartments sitting above ground-floor and below-grade retail.
187 Kent, which has begun construction and is fully funded with the loan, will include 96 rental units and 35K SF of retail, with a fitness center and outdoor terraces on the second, sixth and seventh floors for residential tenants. The building is expected to be complete in the spring of 2019.
CW purchased the lots that would become 187 Kent from SWGI Realty in 2016 for $45M, then demolished the warehouses on the site to make way for its new plans. One of the warehouses was home to performance space Villains LLC, and CW is also redeveloping what was once a residential and workshop space for artists in Bedford-Stuyvesant.
Though no retail tenants have been attached to 187 Kent as of yet, a SoulCycle studio and what will become a Trader Joe's sit across the street, placing CW's building in close range of a desirable retail mix.