Flushing Commons developers to close on $300M financing deal

Long time in coming, but mega-project in Queens moving forward again

New York /
Mar.March 14, 2014 04:33 PM

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


Related Articles

arrow_forward_ios
46-81 Metropolitan Avenue in Maspeth, Queens and Prologis CEO Hamid Moghadam (Google Maps, Prologis)
Prologis nabs majority stake in Queens industrial site
Prologis nabs majority stake in Queens industrial site
Renderings of Greenpoint Landing in Greenpoint, 141 Willoughby Street in Downtown Brooklyn and 45-57 Davis Street in Long Island City (Photos via OMA, SLCE Architects and J Frankl Architects)
These were the top outer-borough loans in May
These were the top outer-borough loans in May
Tenants are singing longer leases to lock in low rent. (Getty)
Tenants locking in longer leases as apartment rents rise
Tenants locking in longer leases as apartment rents rise
Parkway Hospital in Forest Hills, Top Rock Holdings' Uri Mermelstein, Joseph Yushuvayev and SYU Properties' Josif Elishayev (Google Maps, LinkedIn, Getty)
Parkway Hospital’s redevelopment plan has a pulse
Parkway Hospital’s redevelopment plan has a pulse
Abraham Merchant of Merchants Hospitality, 11-01 43rd Avenue and Frank Brosens of Taconic (Merchants Hospitality, Getty, Savanna Rooftop)
Merchants Hospitality sells dormant LIC hotel for $38M
Merchants Hospitality sells dormant LIC hotel for $38M
Queens Borough President candidate Elizabeth Crowley 
Queens candidate Crowley serves fake eviction notices
Queens candidate Crowley serves fake eviction notices
35-35 95th Street in Jackson Heights and 148-09 Northern Boulevard in Murray Hill (Google Maps)
Bulk condo deals top week’s mid-market sales
Bulk condo deals top week’s mid-market sales
(iStock)
Landlord uses illegal-lockout proceeding to oust unlawful tenant
Landlord uses illegal-lockout proceeding to oust unlawful tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...