Eliot Spitzer’s development firm has secured a $388 million refinancing package for its massive rental complex at 420 Kent Avenue on the Williamsburg waterfront.
Meridian Capital Group arranged the 10-year, interest-only CMBS loan, which was provided by Citigroup, Commercial Observer reported, citing sources familiar with the deal.
The new loan replaces a $386 million loan provided by KKR Real Estate Finance Trust in May 2019.
The 1.5 million-square-foot complex consists of three glass towers designed by Eran Chen’s ODA New York, which include 857 rental apartments, 25,000 square feet of retail and 80,000 square feet of outdoor space. The apartments are largely studios and one-bedrooms, with prices starting at $2,000 per month, according to its website.
Starwood Property Trust originally provided $330 million in construction financing for the property in 2016.
[CO] — Sasha Jones