NEW YORK CITY—CW Realty has closed on a $78-million construction loan for the development of a 140,000 square-foot, mixed-use apartment and retail building located at 187 Kent Ave., in Williamsburg, Brooklyn.
The senior loan was originated by Prophet Capital Asset Management and Bank of Internet USA.
The seven-story property will include 35,000 square feet of ground-floor and basement retail space, 96 luxury apartments and 170 parking spaces. The building will feature an on-site fitness facility and outdoor terraces. The retail space will be constructed with 17-foot ceilings and grand arch windows and will have street frontage on Metropolitan Avenue, Kent Avenue and North 3rd Street. Designed by architect Diego Aguilera, construction is expected to be completed in the spring of 2019.
The structure will be located to the Williamsburg waterfront, and the development site for Trader Joe’s. It will be down the block from the Domino Sugar Factory redevelopment, which has slated for construction more than 6,000 apartments.
Led by New York City Developer Cheskie Weisz, CW Realty owns 90 residential and mixed-use properties. These include Williamsburg properties 292 Bedford Ave., and 119-123 Kent Ave., which the firm is developing into luxury residences and ground-floor commercial space. CW Realty also acquired 61 North 11th St., a 60,000 square-foot commercial property, which it plans to convert into retail and office spaces.