Jonathan Aghravi of JBA Equities announced that his team has secured a $38 million loan for ground-up construction at 30 Kent Street, an 80-unit residential property with retail on grade to be developed in Greenpoint, Brooklyn.
Construction is slated to take approximately two years to complete.
The new 11-story, 86,067 s/f property — which will consist of 56 market-rate units and 24 affordable units — will also include 4,828 s/f of commercial space and 34 parking spaces for rent by residential tenants. The financing was provided by M&T Bank.
Aghravi originated the deal and along with Charles Han represented the borrower, a joint venture between BNS Real Estate and Wonder Works Construction Corp.
The JV is led by Bradford Barr and Mark Brookes of BNS Real Estate and Eric Brody and Joseph Klaynberg of Wonder Works Construction Corp.
Located in the heart of Greenpoint, 30 Kent Street will be situated directly adjacent to WNYC Transmitter Park, benefiting from unobstructed waterfront views of the Manhattan skyline.
The new property will also be surrounded by many neighborhood amenities such as ferry and subway transportation into Manhattan, popular local eateries, bars, and nightlife. “BNS Real Estate and Wonder Works Construction Corp. are stellar sponsors which helped M&T Bank provide competitive terms,” Aghravi said. “All parties worked diligently to get this transaction closed and we are excited about seeing the finished product.”
Upon completion all units at 30 Kent Street will include open layouts, nine feet ceilings, central HVAC with temperature controls, and a laundry room for use by tenants.
Building amenities will include a gym, a virtual doorman, indoor/outdoor lobby with an outdoor garden space, landscaped ground floor, and community room on the rooftop.