Cornell Realty lands $64M loan for mixed-use project in Williamsburg

Isaac Hager’s Cornell Realty Management just landed a $64 million construction loan for a six-story mixed-use project in Williamsburg.

Madison Realty Capital provided the financing for 200 Kent Avenue, where Cornell plans to build a 117,00-square-foot office and retail project. Trader Joe’s has long been rumored to be the anchor tenant for the retail portion of the project, and the store appears in documents filed with the city’s Department of Finance.

The building will feature 50,000 square feet of retail space, 22,000 square feet for office and restaurant tenants and 45,000 square feet of parking.

“In this case, we’re working with a repeat Madison Realty Capital borrower who understands our ability to execute efficiently,” Josh Zegen, co-Founder and managing Principal of Madison, said in a statement.

Cornell purchased the roughly 23,000-square-foot vacant lot in 2016 for $33 million. Records filed with the city indicate that California-based ABP Capital provided a $24.6 million mortgage.

Cornell had been pursuing a rezoning of a Crown Heights property to make way for 565 apartments, but the developer withdrew the application in April amid community opposition. Sources told The Real Deal in February that Cornell was looking to sell the Kent Avenue site.