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Eliot Spitzer lands Refi

Eliot Spitzer’s Spitzer Enterprises has secured a $388 million debt package from Citigroup and Rexmark to refinance 420 Kent Avenue in Williamsburg, Commercial Observer first reported. The large rental project spans 1.5 million SF, and consists of three towers totaling 857 apartments. 

  • Financing breakdown: Citigroup provided a $298 million 10-year, full-term, interest-only CMBS loan, while Rexmark provided a $90 million mezz loan. The debt retires a $386 million loan provided by KKR Real Estate Finance Trust in May 2019. 
  • Worth Noting: The waterfront development also includes 20,000 SF of retail and restaurant space, 25,000 SF of indoor amenities, and 80,000 SF of outdoor space. [CO]

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