Madison Realty Capital announced Nov. 17 the closing of a $64 million construction loan for a grocery-anchored development slated for construction at 200 Kent Ave. in Williamsburg, Brooklyn.
The New York City-based mortgage lender did not announce the name of the project developer. Their statement simply stated that the new development will be a part of a “popular national grocery chain.”
Josh Zegen, co-founder and managing principal of MRC also said, “… we’re working with a repeat borrower who understands our ability to execute efficiently, given our firm’s up-to-the-minute knowledge of local market conditions and non-bureaucratic approach to reviewing investments. It’s gratifying to deliver what the borrower needs to move this project forward quickly.”
The development will rise on a 22,585 sq. ft. site already approved by the Department of Buildings. Set for construction is a six-story, 117,326 gross sq. ft. building. Overall, the project will include more than 600 feet of frontage; 50,101 sq. ft. of retail space; 22,055 sq. ft. of offices and restaurants; and 45,170 sq. ft. of parking.
Retail and garage spaces will be located in 200 Kent Ave.’s lower floors. Meanwhile, the upper floors will be occupied by restaurants and office spaces featuring views of Manhattan. The Williamsburg site is blocks away from major neighborhood landmarks such as the Domino Sugar project and Bushwick Inlet Park.
Other developments financed by MRC in the Williamsburg area include: The William Vale Hotel, 25 Kent Ave., 163 North 6th St., 180 North 7th St. and 646 Lorimer St.