Chinese developer Greenland Group and Forest City Ratner secured a $200 million construction loan from HSBC Holdings for 550 Vanderbilt Avenue, a 278-unit condo project that is part of Pacific Park.
550 Vanderbilt is one of four residential projects currently under construction in the 15-building megaproject, which will contain a total of 6,430 units, 2,250 of which will be affordable.
Greenland Forest City Partners has already broken ground on the project and recently launched sales. Units will range from $565,000 to $7 million, the Wall Street Journal reported.
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