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
(iStock)
NYC rents soar as Covid deals die
NYC rents soar as Covid deals die
From left: Developer Bruce Teitelbaum and Durst Organization CEO Douglas Durst and 44-02 Vernon Boulevard (Getty Images, LoopNet, iStock)
“A tremendous ordeal”: Lawyers in $97M Durst buyout slam case
“A tremendous ordeal”: Lawyers in $97M Durst buyout slam case
Durst's Douglas Durst and 44-02 Vernon Boulevard (The Durst Organization, Google Maps)
Investors in huge LIC project buy out Durst for $97M
Investors in huge LIC project buy out Durst for $97M
A photo illustration of 112-51 Northern Boulevard (Fleet Financial Group, iStock)
SEC looking into EB-5 fraud allegations against Queens developer
SEC looking into EB-5 fraud allegations against Queens developer
Robot arms and 45-18 Court Square (Newmark, iStock)
Here come the robots: life sciences firm nearly doubles LIC footprint
Here come the robots: life sciences firm nearly doubles LIC footprint
131-01 39th Avenue in Flushing and Chris Xu (Google Maps, AREAA)
Flushing megasite sells to Skyline Tower developer for $103M
Flushing megasite sells to Skyline Tower developer for $103M
(iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Home sales climb to 15-year highs in Brooklyn and Queens
Home sales climb to 15-year highs in Brooklyn and Queens
Steven Cohen, owner of the New York Mets, in front of Citi Field (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Mets owner pursuing NYC pols for Citi Field casino
Mets owner pursuing NYC pols for Citi Field casino
arrow_forward_ios

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

Loading...