Rubenstein reels in $178M refi at 25 Kent

Apollo provided loan for eight-story mixed-use building in Brooklyn

New York /
Mar.March 07, 2022 03:30 PM
David Rubenstein with 25 Kent Avenue (Rubenstein, Google Maps)

David Rubenstein with 25 Kent Avenue (Rubenstein, Google Maps)

Rubenstein Partners can pat itself on the back after landing a $178 million refinancing package at 25 Kent Avenue in Williamsburg, Brooklyn.

Apollo Commercial Real Estate Finance provided the loan for the mixed-use building, the Commercial Observer reported. The eight-story, 500,000-square-foot building was billed the borough’s first major Class A office construction property in about 50 years when it opened.

A Newmark team led by Dustin Stolly and Jordan Roeschlaub arranged the financing, according to the Observer.

The development, which is co-owned by Heritage Equity Partners, in 2019 landed fashion brand Kith as the first tenant for the project. Kith signed a lease for almost 58,000 square feet, expecting about 90 people to ultimately work at the building in a relocation from its Soho headquarters.

In 2020, Amazon Music signed a lease for 40,000 square feet at the property. The streaming service aimed to use the space as either a studio or production space. The lease deal came about shortly after Amazon revealed it was moving Twitch into Amazon Music.

Wells Fargo and Natixis Real Estate Capital provided a $197 million construction loan  to commence work on the commercial development in 2016. The loan came about shortly after the City Council voted to rezone the site in North Williamsburg.

Apollo Global Management’s commercial real estate arm has been the lender on several major projects in the past. The Apollo unit provided a $96.5 million loan on A&E Real Estate’s $133.5 million purchase of a Sutton Place apartment building in 2021, done in partnership with the Tennessee Consolidated Retirement System. The building was purchased from SL Green Realty.

Apollo Commercial Real Estate Finance also provided a $187 million construction loan to Normandy Real Estate Partners and Columbia Property Trust for the development of a boutique office building at 799 Broadway, where Newrez recently agreed to lease two floors.

[CO] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
    Real estate stocks push up this week as U.S.-China trade tensions ease
    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
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    660 Fifth Avenue in Manhattan and Macquarie Group's Shemara Wikramanayake (Brookfield Properties, iStock, Macquarie Group, Illustration by Kevin Cifuentes for The Real Deal)
    Brookfield signs first tenant at 660 Fifth Avenue
    Brookfield signs first tenant at 660 Fifth Avenue
    Major Food Group managing partner Jeff Zalaznick in front of 37 Hudson Yards (Major Food Group, Google Maps)
    Major Food Group bringing members club to Hudson Yards
    Major Food Group bringing members club to Hudson Yards
    A photo illustration of self-storage units (iStock)
    Self storage still rising after pandemic surge
    Self storage still rising after pandemic surge
    Prologis' Heather Belfor (Zoom Info, iStock) Logistics, Warehouses
    Logistics inventory dips to historic low: Prologis
    Logistics inventory dips to historic low: Prologis
    Joseph Chetrit and Larry Gluck with the Yorkshire & Lexington Towers on the Upper East Side (UESMGMT.com, Getty, Gluck Family Foundation)
    Chetrit, Stellar land $714M refi for UES luxury buildings
    Chetrit, Stellar land $714M refi for UES luxury buildings
    Jamestown chairman Christoph Kahl and One Times Square (Jamestown LP, iStock)
    Jamestown lands $425M to bring the metaverse to One Times Square
    Jamestown lands $425M to bring the metaverse to One Times Square
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...