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Deals & Dealmakers

Prophet sees $78M potential in new Williamsburg development

CW Realty has closed on a $78 million construction loan for the development at 187 Kent Avenue, a 140,000 s/f apartment and retail property in Williamsburg.

The senior loan was originated by Prophet Capital Asset Management and Bank of Internet USA.

Rising seven stories on Kent Avenue, 187 Kent will include ground-floor and basement retail space, 96 luxury apartments and 170 parking spaces.

The property will offer a range of tenant amenities, including an workout/fitness facility and terraces on the second, sixth and seventh floors.

The property is located near the Williamsburg waterfront, across the street from a SoulCycle studio and the development site for Trader Joe’s.

With frontage on Metropolitan Avenue, Kent Avenue and North 3rd Street, 187 Kent’s 35,000 s/f is expected to appeal to national brands seeking to capitalize on the area’s revitalization and the foot traffic heading north along Kent Avenue toward Bushwick Inlet Park and East River State Park.

The development is also located down the block from the Domino Sugary Factory redevelopment, which will bring more than 6,000 apartments to the neighborhood.

CW Realty has a significant Williamsburg portfolio, including 292 Bedford Avenue, located on the corner of Grand Street, and 119-123 Kent Avenue, which the firm is currently redeveloping into luxury residences and ground-floor commercial space.
In 2017, CW acquired 61 North 11th Street — a 60,000 s/f commercial property adjacent to the Wythe Hotel — with plans to convert the building into retail and office spaces.

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