New York & Tri-State + Outer + Finance | December 21, 2022

CW Realty secured $115 million of new financing on the Kent House, a newly built mixed-use property in Brooklyn's North Williamsburg for which it holds the fee interest

CW Realty Secures $115M Financing on North Williamsburg Mixed-Use

CW Realty has secured $115 million of new financing on the Kent House, a mixed-use property in Brooklyn’s North Williamsburg. Yaakov Klein, who holds the leasehold interest in the property, closed on a $53-million loan from Bank of America last week. CW, which holds the property’s fee interest, received a 35-year, $61.7-million loan from Nuveen TIAA in July.

CW’s permanent financing fully paid off the Prophet Capital-originated construction loan on the property, which had been purchased by Invictus prior to the onset of COVID-19.

The 140,000-square-foot Kent House features 96 rental apartments, 140 parking spots and 31,000 square feet of retail. Residential rents range from $4,950 for a one-bedroom unit to $8,300 for a large, three-bedroom apartment.

Waterway Capital and Skyline Capital arranged the financing from Nuveen TIAA for the loan on the fee interest. Leah Paskes’s Landstone Capital arranged the financing from Bank of America on the leasehold.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).