Toll Brothers City Living has secured a $157 million development loan from Citibank for the second phase of its Northside Piers condominium in Williamsburg.
Toll Brothers said it lined up the financing through relationships with Citibank Community Capital and L&M Development Partners, a partner in the Brooklyn project.
Northside Piers, located at North 5th Street and Kent Avenue, was originally launched under Williamsburg’s rezoning in 2005.
“There is an upheaval in the financial markets right now, so it’s not easy,” said David von Spreckelsen, senior vice president at Toll Brothers City Living. “There are banks that are not doing condo loans right now.”
The 30-story Two Northside Piers tower will offer 270 units, ranging from studios to three-bedroom apartments.
Residents will begin moving into the 180-unit One Northside Piers tower within the next three weeks. That project is about 70 percent sold, with asking prices ranging from $500,000 to $2 million.
As The Real Deal reported in last month’s issue, Toll Brothers has had more success in New York City during the housing market’s slowdown than elsewhere.