The Real Deal New York

Related gets $390M in construction funding

February 14, 2013 05:30PM

The Related Companies has nabbed two construction loans totaling $390 million, Crain’s reported. One loan will be used to fund the expansion of the Gateway Center mall in East New York, Brooklyn and the other will fund the construction of a Queens affordable housing development.

Bank of America, along with PNC Bank and Sovereign Bank, will lend $225 million for the Brooklyn project. The construction will add 600,000 square feet to the existing 900,000-square-foot structure.

Bank of America, along with Wells Fargo, will lend $165 million to a venture between Related, Phipps Houses and Monadnock Construction to build the first of a two-building housing complex in Hunters Point, Queens. The development will have 908 units.

As reported yesterday, the construction loan market is beginning to show renewed signs of life. [Crain’s]Zachary Kussin