August 29, 2016
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.
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