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Former Gov. Eliot Spitzer’s Spitzer Enterprises secured a $330M construction loan from Starwood Capital for its massive 416-420 Kent Ave rental project on the Williamsburg waterfront.
The four-year, interest-only loan is for the ground-up development and the deal closed Thursday, the Commercial Observer reports.
Spitzer Enterprises “looks forward to the completion of this architectural icon in the heart of the rapidly ascending South Williamsburg neighborhood,” a spokesperson from Meridian Capital, which negotiated the financing, said in a statement. “Starwood quickly underwrote this significant transaction and immediately demonstrated their vision and creativity as a market leader with this loan.”
Spitzer’s loan is nearly twice the size of the $180M in tax-exempt Housing Finance Agency bonds Two Trees Management secured to finance the 522-unit residential tower at its nearby Domino Sugar Factory development.
Spitzer’s 2.8-acre project was able to secure a 421-a tax abatement before the program expired in January. It has three buildings with 762k SF total of residential space and about 19k SF of retail.
Roughly 20% of its 856 units will be designated as affordable. [CO]
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