The partners behind a major combination office-industrial project in Williamsburg have secured nearly $200M in financing and can move forward with construction.
Rubenstein Partners and Toby Moskovits' Heritage Equity Partners have secured a $197M construction loan for 25 Kent Ave from Wells Fargo and Natixis Real Estate Capital, Crain's reports.
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]
