Cheskie Weisz lands $78M construction loan for Williamsburg development
Austin-based hedge fund and online-only bank provide financing for 187 Kent
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.