The Real Deal New York

Spitzer Enterprises borrows $330M for 420 Kent Avenue

June 03, 2016 08:00AM

420 Kent Avenue Eliot Spitzer

420 Kent Avenue (inset: Eliot Spitzer)

Eliot Spitzer’s Spitzer Enterprises took out a $330 million loan to finance construction at its Williamsburg waterfront rental project.

The former New York governor’s firm took out a four-year, interest-only loan of $330 million, originated by Starwood Capital Group, for its three-building 420 Kent Avenue development, according to the Commercial Observer. Commercial Mortgage Alert first reported the news of the financing.

Spitzer is planning a $700 million, 856-unit rental complex at the site. The irregular, metallic Eran Chen-designed buildings will be between 16 and 18 stories tall, and will contain 762,000 square feet of space combined, including 19,000 square feet of retail space. Spitzer has designated 20 percent of units as affordable.

It’s also slated to include a 400-car parking garage, two rooftop pools, a communal garden and multiple fitness centers.

Spitzer bought the 2.8-acre site in August 2014 for $165 million. It’s the company’s first ground-up development since Eliot took charge of the firm. The project in 2015 received the 421a tax abatement, a policy Spitzer has argued is critical for the construction of rentals in the city. [CO]Ariel Stulberg