Cheskie Weisz lands $78M construction loan for Williamsburg development

Austin-based hedge fund and online-only bank provide financing for 187 Kent

TRD New York /
Jan.January 10, 2018 04:50 PM

Rendering of 187 Kent Avenue

Cheskie Weisz’s CW Realty Management locked in a $78 million construction loan for the firm’s 140,000-square-foot, mixed-use development on Kent Avenue in Williamsburg.

Prophet Capital Asset Management, an Austin, Texas-based hedge fund, and online-lender Bank of Internet USA provided the financing for the project at 187 Kent Avenue, a spokesperson for CW Realty told The Real Deal.

CW Realty bought the site, which fronts the full block along Kent Avenue between North 3rd Street and Metropolitan Avenue, for $42.5 million in 2016. The company is developing a seven-story building with 96 rentals and 35,000 square feet of retail on the ground and basement floors. Construction is currently underway and the project is slated for completion in 2019.

The site sits across the street from where Isaac Hager’s Cornell Realty Management and Asher Abehsera’s LIVWRK are planning a 110,000-square-foot office-and-retail project anchored by a Trader Joe’s supermarket. Farther south along Kent Avenue, Two Trees Management is redeveloping the former Domino Sugar Factory.

CW Realty owns a portfolio of 90 residential and mixed-use properties in Manhattan, Brooklyn and Queens, according to the firm’s spokesperson.

Elsewhere in Williamsburg, the CW Realty is redeveloping the site at 119-123 Kent Avenue, which it bought in 2016 for $15.8 million. Weisz’s firm also owns the 19-unit rental building at 292 Bedford Avenue and last year bought the 60,000-square-foot commercial property at 61 North 11th Avenue next to the Wythe Hotel, which it plans to convert into retail and office space.

Related Articles


Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

California passes landmark rent control law

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds