Brookfield secures $75M loan from Chinese bank

Cash will finance aquistion of two Greenpoint Landing sites

TRD New York /
Dec.December 02, 2015 09:41 AM

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

 

Related Articles

arrow_forward_ios
Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

Two Manhattan West and Brookfield Managing Partner Ben Brown

Brookfield seeks nearly $80M in tax breaks for 2 Manhattan West

Brookfield Property Partners CEO Brian Kingston 

Brookfield is getting into the Opp Zone game

Brookfield lands $217M financing for another Greenpoint Landing resi tower

Brookfield lands $217M financing for another Greenpoint Landing resi tower

Qatar is changing its investment strategy following Brookfield’s 666 Fifth deal

Qatar is changing its investment strategy following Brookfield’s 666 Fifth deal

Watch: New York’s most active developers of 2018

Watch: New York’s most active developers
of 2018

Brookfield’s massive Virginia mixed-use project will have 1.5K resi units

Brookfield’s massive Virginia mixed-use project will have 1.5K resi units

arrow_forward_ios
Loading...