Steiner NYC has secured $228 million in construction financing for its Admirals Row project.
Terms of the financing, provided by M&T Bank and Bank of New York Mellon, were not disclosed.
Located at the intersection of Flushing Avenue and Navy Street, in the southwest corner of the Brooklyn Navy Yard, Admirals Row will be a mixed-used development that will include the first Wegmans Supermarket in New York City (75,000 s/f).
It will have another 85,000 s/f of additional retail space, a 435-space parking structure plus 266 surface parking spaces, 356,000 s/fof light industrial and creative office space master leased to the Brooklyn Navy Yard Development Corporation, and a 5,000 s/f community facility.
“While we didn’t wait for financing to start construction and have already topped out much of the project, we’re pleased to have again worked with JLL to complete another major loan with M&T and BNY Mellon,” said Doug Steiner, chairman of Steiner NYC.
“When Wegmans opens in 2019, it’ll be a game changer — for the Navy Yard, for Brooklyn, and for the whole city.”
Construction completion is anticipated for early 2021.
“This project has a best-in-class sponsor along with long-term anchor tenants already in place,” said Aaron Appel, Vice Chairman, JLL. “Given these factors, and its location within the economic heart of Brooklyn, it was a very attractive proposition for the lending community.”
“For M&T Bank and BNY Mellon, this was an opportunity for repeat business with a prized client, and a transformational project,” added JLL’s managing director, Jonathan Schwartz.
“The continued redevelopment of the historic Brooklyn Navy Yard through the construction of Admiral’s Row will bring thousands of new jobs and services to the community. This is a stellar urban model for mixed-use development,” said M&T Bank Group Vice President for Commercial Real Estate Lending Matt Petrula.
Kasowitz Benson Torres LLP represented Steiner NYC in this matter. The Kasowitz team was led by partner Douglas B. Heitner, and Associates Jeffrey DiChiara and Tyler S. Vinal.