Brooklyn Mixed-Use Project Lands $64M
- Nov 21, 2017
Madison Realty Capital has secured a $64 million construction loan for 200 Kent Ave., a 117,326-square-foot mixed-use development in the Williamsburg neighborhood of Brooklyn, N.Y.
“We continue to establish MRC as the one-stop shop for financing transitional real estate, including ground-up development deals like 200 Kent Ave.,” said Josh Zegen, co-founder & managing principal of MRC, in prepared remarks. “In this case, we’re working with a repeat MRC borrower who understands our ability to execute efficiently, given our firm’s up-to-the minute knowledge of local market conditions and non-bureaucratic approach to reviewing investments. It’s gratifying to deliver what the borrower needs to move this project forward quickly.”
The retail portion will be anchored by a national grocery store and feature 600 feet of frontage. At completion, the project will offer 50,101 square feet of retail space, 22,055 square feet of office and restaurant space as well as 45,170 square feet of parking. The development’s upper floors will be dedicated to restaurant and office spaces.
The property is being constructed on a vacant 22,585-square-foot site that received approvals for a six-story mixed-use project. 200 Kent Ave. is within blocks of other major neighborhood landmarks including the Domino Sugar project and the Bushwick Inlet Park. The development will offer easy access to the J, M, Z, G and L trains.
Cornell Realty Management is responsible for the development, ME Architect P.C. is responsible for the design and RKF is marketing 39,000 square feet of retail and roof terrace space.
Madison Realty previously arranged a $53.5 million mortgage loan for 722 Metropolitan Ave., a post-war former umbrella factory, which SL Development plans to redevelop into a 90,000-square-foot mixed-use building.
Rendering courtesy of Madison Realty Capital