135 Kent Avenue refinances at $15.4M

Overview

On June 29, 2026, an entity tied to Double U Development closed a $15.4 million senior secured bridge loan for 135 Kent Avenue, a mixed-use retail and apartment building on Williamsburg's North 6th Street. Crestline Management, L.P. provided the loan alongside Four Leaf Partners, which will service it; the deal, structured on ACRIS as an assignment of leases/rents and mortgage consolidation against borrower 135 Kent LLC, closed June 29, 2026 and recorded August 28, 2026. The stated purpose is refinancing existing debt and funding completion of a ground-floor retail buildout, which Double U plans to lease to national retail brands.

135 Kent Avenue is a Loft Law-protected building whose residential lofts opened in 2003, on a site that operated as a laundry-supply and dry-cleaning-fluid distributor from 1958 to 2002. A 2013 soil-vapor sample near the building found tetrachloroethylene (PCE), a chemical linked to dry-cleaning operations; the site has been enrolled in New York State's Brownfield Cleanup Program since 2013, with a sub-slab depressurization system installed in 2014 and ongoing state monitoring. Double U Development bought the property in 2021 for $7.5 million.

Double U Development is a Brooklyn-based developer founded by brothers Jay and Michael Weitzman, focused on converting Williamsburg and Greenpoint properties into mixed-use residential and retail buildings -- including the former "Disco Ball" Rite Aid site at 723 Manhattan Avenue in Greenpoint, redeveloped into a luxury rental building. "Crestline understood the neighborhood and what we were building here from day one, making them the right partner for this project," said Michael Weitzman, Double U's founder and CEO, in Crestline's announcement of the loan.

135 Kent Avenue sits at the intersection with North 6th Street, which has become Williamsburg's premier retail corridor -- home to national and luxury chains including Madewell, Urban Outfitters, Hermès, and a Chanel beauty store. The building's ground floor has sat as available retail space since its last tenant, the home-goods store Designers Collab, left in 2022. Separately, a 2024 Greenpointers investigation reported that longtime rent-stabilized tenants in the building's residential lofts had raised maintenance and construction-safety complaints against Double U's ownership, including a city Department of Health finding of lead-contaminated dust during 2023 renovation work; the State Department of Environmental Conservation subsequently conditioned approval of the building's Brownfield remediation plan on it not proceeding while tenants remain in occupancy. It is not established in Hush Street's sourcing whether or how that condition affects the ground-floor retail work this refinancing is funding.

A $15.4 million institutional refinancing confirms active capital behind one of the last Loft Law buildings on Williamsburg's busiest retail block, as its owner works toward leasing the ground floor to a national retailer -- while the same building remains under New York State Brownfield monitoring and was the subject of tenant complaints reported independently by Greenpointers in 2024.

Parties Involved 2 recorded

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