Brooklyn Mixed-Use Development Lands $78M Loan

CW Realty will use the construction loan for the development of 187 Kent Ave., a mixed-use property located in the Williamsburg area of Brooklyn.

187 Kent, Rendering
187 Kent Ave., Brooklyn (Rendering)

CW Realty has closed on a $78 million construction loan for the development of a 140,000-square-foot, mixed-use property in Brooklyn, N.Y. The construction will feature 96 luxury apartments and 35,000 square feet of commercial space. Prophet Capital Asset Management and Bank of Internet USA originated the senior loan.

The seven-story asset will be situated at 187 Kent Ave., and will feature amenities such as an on-site workout and fitness facility, terraces on the second, sixth and seventh floor, and 170 parking spaces. The retail space will include 17-foot ceilings and grand arch windows. The project is slated for completion in 2019.

Ideal location

With access to Metropolitan Avenue and North 3rd Street, the property will be exposed to foot traffic heading north along Kent Avenue toward Bushwick Inlet Park and East River State Park. The property will be near the Williamsburg waterfront, which offers retail and dining options. Additionally, the Domino Sugar Factory redevelopment is within one block of 187 Kent, which is expected to bring 6,000-plus apartments to Williamsburg. 

Another major project in the area, 200 Kent Ave., also received $64 million construction loan, late last year. 

Image courtesy of CW Realty