Facing cost overruns, Sky View Parc looks to borrow another $150M

The developer of Flushing’s massive Sky View Parc mixed-use complex is shopping for nearly $150 million in financing to complete the first phase of its delayed condo and retail project, which is already over budget, according to the Post. Onex Real Estate Partners, the general partner for the 1,000-unit, 15-acre development, wants a three-year extension on its $519.3 million construction loan, plus an additional $144.6 million. The deal is likely to be reached within weeks, sources said. Other sources said that Onex and the Related Companies, which was brought in a few months ago to replace Muss Development in its sales and leasing roles, have also offered to buy out the project’s debt at a 50 percent discount, in a deal that would require Related to put in some of its own equity. [Post]