Financing Enables Construction on $400M Brooklyn Office
A venture led by Rubenstein Partners LP and Heritage Equity Partners obtained necessary financing for construction on 25 Kent Avenue in Williamsburg, Brooklyn. The developers will break ground on the $400 million, 500,000-square-foot, speculative office and industrial development in September.
Wells Fargo Bank and Natixis Real Estate Capital LLC provided a $197 million construction loan. The partner developers, which acquired the land for $132.4 million in late 2015, also made a large equity contribution to the project. The eight-story property will be the first to go north without pre-leased tenants since the 2008 downturn. The developers believe growing demand for office space among Brooklyn neighborhoods will provide plenty of tenants.
For comments, questions or concerns, please contact Amy Sorter
Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!