NEW YORK CITY—Madison Realty Capital has provided $65 million of financing for 19 Kent Ave. in the Williamsburg section of Brooklyn. The vacant 80,000 square foot site will be transformed into a 384,000 square foot mixed-use building with retail, office and community facility components.
Loan proceeds will be used to retire the existing debt encumbering the property and fund future construction costs.
The property is comprised of four adjacent parcels occupying the entire block from Wythe avenue to Kent avenue between North 12th street and North 13th street. The site will include 200 feet of frontage on Kent avenue, 400 feet on North 13th street, and 200 feet on Wythe avenue, which will be critical when marketing the retail component of the project.
Project plans call for a 384,000-square-foot building with eight floors, ranging in size from 30,000 to 50,000 square feet. The project will provide the necessary state-of-the-art office stock in a neighborhood with limited inventory as well as various retail outlets, which will capitalize on the growing population density, according to MRC.
Says Josh Zegen, co-founder and managing principal of Madison, "When the borrower approached us with this opportunity, we immediately recognized the unique characteristics which make this investment attractive. A vibrant Brooklyn location coupled with strong local sponsorship make this transaction particularly strong, in addition to its many other benefits.”
He continues, "The project will address a significant imbalance within the supply/demand ratio for new office space in Brooklyn as firms in the technology, research and development as well as advertising sectors continue to demand new office stock close to their employees with unique, open floor plates.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
