Natixis Real Estate Capital and Wells Fargo Bank have co-led a $197 million financing for the construction of a mixed-use project in the Williamsburg neighborhood of Brooklyn, each underwriting a $98.5 million portion of the loan.
Located at 25 Kent Avenue, the eight-story Class A building will have 500,000 sq ft of office, retail and business space, and it will occupy an entire block adjacent to the East River waterfront. Natixis noted that the borrower was Rubenstein Partners, which is reportedly developing the project with Heritage Equity Partners.
The joint venture reportedly received City Council approval for the project in July with a special permit allowing the developers to build a property that is two-and-a-half times larger than existing industrial and commercial zoning rules stipulate.
The square footage, according to that report, will include 160,000 sq ft devoted to “as-of-right” uses, including retail, light manufacturing, and retail space; 63,714 sq ft to manufacturing; 156,533 sq ft of “incentive uses” to a mix of office and light industrial space; and 14,400 sq ft of public open space. The project will have a 275-car garage underground and 150 bike storage spots.
Natixis recently provided another Brooklyn financing, a $57.5 million loan to Long Wharf Real Estate Partners and Treeline Companies to refinance and reposition a 140,880 sq ft Class A office building in Downtown Brooklyn. Wells Fargo was the top originator of commercial/multifamily mortgages in 2015, increasing volume by nearly one-third over the previous year to reach $66.7 billion, according to the Mortgage Bankers Association.