Spitzer Lands $386M Refinance for 420 Kent Avenue

KREF provided the loan on the luxury Williamsburg waterfront development


Eliot Spitzer‘s Spitzer Enterprises has scored a $386 million refinance for 420 Kent Avenue—its luxury waterfront multifamily development in Williamsburg, Brooklyn, Commercial Observer has learned.

KKR Real Estate Finance Trust (KREF) provided the loan, sources said. Officials at KKR (KKR) declined to comment. 

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Meridian Capital Group is said to have negotiated the refinance, having also arranged $330 million in construction financing from Starwood Property Trust in 2016. Officials at the brokerage did not return a request for comment.

Designed by Eran Chen’s ODA New York, the massive South Williamsburg rental complex sits on a 2.8-acre waterfront site between South 8th and South 9th Streets.

The 1.5-million-square-foot property comprises three luxury glass towers housing 857 residences, many of which have private outdoor spaces. The towers comprise mostly studios and one-bedrooms that aim to cater to a “younger demographic with a little more hair than me,” Spitzer told CO in a February 2018 interview.

“The potential of living right on the East River and the openness of the views that you get are insane,” Chen told CO in a November 2017 interview.

The development’s unique boxy design means that 80 percent of the apartments are corner units with three-sided sweeping views across the East River.

“We asked ourselves, ‘Can we create a tower where every apartment is a corner unit?’ ” Chen said. “The answer was yes.”

The sprawling development features 20,000 square feet of restaurant and retail space, 25,000 square feet of indoor amenities and 80,000 square feet of outdoor space—including a 400-foot landscaped riverside esplanade. Those amenities include rooftop pools, a piano room, a fitness center, a spa, a library and a landscaped roof garden.

In June 2018, an affordable housing lottery was launched for the northernmost tower at 420 Kent, and a second lottery for an additional 121 affordable units was launched in March 2019, as reported by 6sqft.

Representatives for Spitzer Enterprises declined to comment.