Cornell Realty has secured a $64 million construction loan for its mixed-use development at 200 Kent Avenue in Williamsburg.
Madison Realty Capital (MRC) financed the loan for the 117,326 s/f development that it says “will be anchored by a popular national grocery chain.ˮ
MRC funded a portion of the facility at closing to retire existing debt and said it will provide further advances for construction of 200 Kent Avenue as the project progresses.
The development will offer 50,101 s/f of retail space, 22,055 s/f of office and restaurant space, and 45,170 s/f of parking.
Josh Zegen, co-founder and managing principal of MRC, said, “We continue to establish MRC as the one-stop shop for financing transitional real estate, including ground-up development deals like 200 Kent Avenue.
“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.”
Rumors have swirled that a new Trader Joe’s will open at the site. Cornell Realty tapped RKF earlier this year to market the retail and roof terrace with brokers Barry Fishbach and Eddie Mamiye saying at the time, “200 Kent Avenue is a unique opportunity for a food-focused brand or entertainment/event operator to make its mark with a rare outdoor rooftop space, which will be a huge draw with the affluent residents, including young professionals, families and empty-nesters who live and play in this hip neighborhood.”
They confirmed the six-story block-through 200 Kent Avenue “will be anchored by an upscale gourmet market,ˮ but did not respond to requests for updated information by press time.
200 Kent Avenue is expected to benefit from the new and emerging developments on Kent Avenue along the Williamsburg waterfront, including the Austin Nichols House, The Edge, and Northside Piers, as well as the Domino Sugar Factory development a few blocks away.
