Invictus secures $ 88 million loan on The Kent House from CW Realty – Business Watcher
[ad_1]
Invictus Real Estate Partners bought the unproductive $ 88 million note on CW Real Estate Group‘s Kent House in Williamsburg, Brooklyn, Commercial Observer can report first.
Based in Austin, Texas Capital of the prophets was the seller of the debt – which includes a $ 78 million first mortgage and a $ 10 million mezzanine loan – in a transaction arranged by JLL Capital Markets‘ Brett Rosenberg, Scott Aiese, Steven rutman and Bill butler.
“This was a unique opportunity to acquire a total non-performing loan directly from the original lender, secured by a newly constructed mixed-use asset in a highly desirable market â, Eric Scheffler, co-founder and CEO of Invictus, said about the opportunity.
The Kent house, located at 187 Kent Avenue, is a luxury mixed-use building that includes 96 apartment units and 31,000 square feet of retail space, with 400 feet of frontage on Metropolitan and Kent avenues.
It sits in a prime Williamsburg location, just one block from Bushwick and Domino park and through the East River of downtown Manhattan. It is also surrounded by restaurants and shops and within walking distance of the J and L subways.
The building’s amenities include a rooftop terrace, spa, coworking space, fitness center and parking.
Cheskie weisz‘s CW Realty first filed plans for the seven-story building in 2017, after purchasing the site for $ 42.5 million in 2016, The real deal reported. In January 2018, Prophet Capital provided $ 78 million in construction financing for the project, as well as Internet Banking United States, as also reported TRD.
Invictus, led by Scheffler and Christophe Pardo, focuses on three strategies: equity investment, development and debt origination. In February, the firm secured just over $ 55.8 million in agency debt of JLL to finance his purchase of a multi-family property in Norwalk, Conn.
CW officials were not immediately available for comment Thursday evening.
Cathy Cunningham can be reached at [email protected].
[ad_2]