A group of developers are finalizing a $300 million debt and equity financing package to finally build the mixed-use Flushing Commons project in Queens. The project has been on the board for nine years.
TDC Development and Construction, the Rockefeller Group and Mount Kellett Capital expect to close this month on their own $75 million equity investment to top off a $225 million loan from Starwood Property Trust, the New York Observer reported.
The fund will be used to finance the first phase of the project, which involves the construction of 160 residential units and 350,000 square feet of commercial space. Commercial real estate servicer HFF brokered the deal, according to the Observer.
The developers were chosen for the project in 2005, and the City Planning Commission approved it in 2010, according to previous reports. However, plans for a permit to begin building weren’t filed until October. Construction was then delayed by the complexity of the financing, the Observer reported. [NYO] – Angela Hunt