UPDATE Wednesday, February 12, 2020, 3:50 p.m.: Cornell Realty Management has closed on fresh financing to take its mixed-use project at 200 Kent Avenue across the finish line.
Lender G4 Capital Partners lent the partnership behind the Williamsburg office and retail building $84.25 million. Robyn Sorid, co-managing partner at G4, said it was done through one of the firm’s investment vehicles.
Henry Bodek of Galaxy Capital brokered the deal. He declined to comment.
The 200 Kent project has been in the works for years. Cornell, which is controlled by the Hager family, acquired the property for $33 million in 2016.
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The 110,000-square-foot building will be anchored by Trader Joe’s. Cornell landed a $64 million construction loan from Madison Realty Capital in 2017.
G4’s 18-month loan refinances the existing debt on the property and includes a small facility for construction, which is 90 percent done, according to Sorid. The loan has a six-month extension that could bring the term to two years.
Sorid said G4 was involved in the development with the prior owner, Mike Kohn’s Alliance Private Capital Group. Sorid said the project aims to “continue to diversify the tenant base” for office space in Williamsburg. G4’s co-managing partner Jason Behfarin also worked on the deal.
Asher Abehsera’s LIVWRK became Cornell’s partner on the project in 2017 to lead its design and leasing. At the time, the building had been slated to be completed by the first quarter of 2019.
Clarification: G4 Capital Partners was previously involved in the project when it was owned by Alliance Private Capital Group. The lender was not involved in the Hager family’s acquisition of 200 Kent Avenue.
Write to Erin Hudson at ekh@therealdeal.com