Natixis Co-Leads $197 Million Construction Financing for 25 Kent Avenue in the Williamsburg Submarket of Brooklyn
Natixis Real Estate Capital LLC underwrote a $98.5 million commitment of a $197.0 million total loan as co-lead arranger, co-book running manager, and co-lead administrator with Wells Fargo Bank, to finance the construction of a mixed-use project in the Williamsburg submarket of Brooklyn.
The project will be developed by Rubenstein Partners, a vertically-integrated real estate investment manager focused on value-added office property opportunities. Natixis and Wells Fargo Bank together committed $197.0 million for the Project to fund the construction of an eight-story Class A building that will occupy an entire block adjacent to the East River waterfront.
Located at 25 Kent Avenue, the project will have 500,000 square feet of office, retail and business enhancing use space, and will deliver a best-in-class property in one of the most exclusive office markets in the country. The project will have sweeping unobstructed views of the Manhattan skyline in a true 24/7 live-work-play neighborhood. Rubenstein Partners is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments.
The New York office of Jones Lang LaSalle advised Rubenstein Partners on the financing.