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
    Hana Ranch in Maui. (Sotheby's International)
    Mammoth Maui cattle ranch hits market for $75M
    Mammoth Maui cattle ranch hits market for $75M
    One of the pools at the Brooklyn Tower. (TheBrooklynTower.com)
    Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
    Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
    Saratoga County Homestead (Facebook, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
    Dilapidated New York tuberculosis hospital, vacant since 1973, hits the market
    From left: Alice Technologies founder and CEO René Morkos; Join CEO Andrew Zukoski (LinkedIn/René Morkos, LinkedIn/ Andrew Zukoski, iStock)
    Construction tech startups Alice, Join score new commitments
    Construction tech startups Alice, Join score new commitments
    Yelp's Jeremy Stoppelman, Remote Work
    Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
    Yelp shuttering NYC, Chicago offices after eyeing subleases for remote
    A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
    On the dock-et: Shelter Island inn owner sues town
    On the dock-et: Shelter Island inn owner sues town
    arrow_forward_ios

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

    Loading...