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420 Kent Avenue

Eliot Spitzer’s Spitzer Enterprises took out a $330 million loan to finance construction at its Williamsburg waterfront rental project.

The former New York governor’s firm took out a four-year, interest-only loan of $330 million, originated by Starwood Capital Group, for its three-building 420 Kent Avenue development, according to the Commercial Observer. Commercial Mortgage Alert first reported the news of the financing.

Spitzer is planning a $700 million, 856-unit rental complex at the site. The irregular, metallic Eran Chen-designed buildings will be between 16 and 18 stories tall, and will contain 762,000 square feet of space c上海千花网论坛

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ombined, including 19,000 square feet of retail space. Spitzer has designated 20 percent of units上海千花网交友

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as affordable.

It’s also slated to include a 400-car parking garage, two rooftop pools, a communal garden and multiple fitness centers.

Spitzer bought the 2.8-acre site in August 2014 for $165 million. It’s the company’s first ground-up development上海龙凤论坛sh1f

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since Eliot took charge of the firm. The project in 2015 received the 421a tax abatement, a policy Spitzer has argued is critical for the construction of rentals in the city. [CO] – Ariel Stulberg

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ot spitzer
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