Developer Doug Steiner just secured $228 million in financing for his mixed-use project, Admiral’s Row.
M&T Bank and BNY Mellon provided the construction financing, which was arranged by JLL, Commercial Observer reported. Construction of the project is already underway and is expected to be complete in early 2021. The project is anchored by a 75,000-square-foot Wegman’s grocery store and will include another 85,000 square feet of retail space and 356,000 square feet of light industrial and office space, which will be master leased to the Brooklyn Navy Yard Development Corporation.
“While we didn’t wait for financing to start construction and have already topped out much of the project, we’re pleased to have again worked with JLL to complete another major loan with M&T and BNY Mellon,” Steiner told CO. “When Wegmans opens in 2019, it’ll be a game changer – for the Navy Yard, for Brooklyn, and for the whole city.”
Admiral’s Row previously consisted of 10 buildings that were used to house naval officers at the Brooklyn Navy Yard. All but one of the homes, built between 1864 and 1901, were demolished in 2016 as part of Steiner’s development. [CO] — Kathryn Brenzel