Brookfield secures $75M loan from Chinese bank

Cash will finance aquistion of two Greenpoint Landing sites
December 02, 2015 09:41AM

Brookfield Property Partners secured financing for the acquisition of two parcels at Greenpoint Landing, on which the company is planning two build two rental towers.

The firm accepted a $75 million acquisition loan from the Industrial and Commercial Bank of China.

Brookfield acquired two development parcels along Commercial Street, part of the 22-acre Greenpoint Landing development, on Oct. 19 from Park Tower Group. One of the two sites sold for $59.8 million, and the other for $46.5 million, according to property records.

The Toronto-based Brookfield is planning to develop two rental towers on the sites, a 30-story, 365-unit building and a 40-story, 415-unit one.

Work on the project, expected to cost $600 million, is slated to be completed in 2019, the New York Observer reported.

In all, Greenpoint Landing, still mostly owned by Park Tower Group, will hold 5,500 apartments across 10 buildings.

Construction at the site is expected to start in early 2016. [NYO]Ariel Stulberg