An office and retail development in Brooklyn's Midwood neighborhood is one step closer to reality, having obtained a construction loan from a foreign bank.
Kingswood Plaza II is fully approved for development, and the two-story parking garage that occupied its lot at 1715 East 13th St. is currently being demolished, but one of the final hurdles for the development has been cleared with the $41.6M loan, arranged by Mission Capital Advisors.
The project is being developed by a joint venture of Infinity Real Estate and the Nightingale Group, just off the Kings Highway corridor. It is planned for 105K SF of retail and office, with Target and Marshalls already pre-leased for 56% of the space between them.
Above the retail component will sit three floors of professional and medical office space, next to Kingswood Plaza I, also owned by Infinity and Nightingale.
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