The Real Deal New York

Brookfield, Park Tower land $137M in financing for Greenpoint Landing tower

Bank of Nova Scotia finances 373-unit resi building
By Rich Bockmann | November 15, 2017 03:02PM

37 Blue Slip (credit: CityRealty)

Brookfield Property Partners locked down $137 million in financing from the Bank of Nova Scotia for one of the apartment towers it’s developing at the massive Greenpoint Landing project in Brooklyn with the Park Tower Group.

The Canadian lender provided the financing for 37 Commercial Street (also known as 37 Blue Slip), where the developers are building a 30-story, 373-unit residential tower spanning nearly 300,000 square feet, property records filed with the city Wednesday show.

The Bank of Nova Scotia also assumed a $32.88 million piece of the $75 million the Industrial and Commercial Bank of China provided the developers when Brookfield partnered with Park Tower on the site in 2015. The tower, the first market-rate building in the 11-building complex, topped out last month.

A representative for Brookfield was not immediately available for comment.

Greenpoint Landing Associates bought the site at the mouth of Newtown Creek separating Greenpoint from Long Island City in 2005 for $44 million, property records show.

The Greenpoint Landing megaproject covers 22 acres and, when complete, will have 5,500 residential units spread across 11 buildings. L+M Development Partners is developing the megaproject’s three affordable housing buildings, located at 5 Blue Slip, 21 Commercial Street and 33 Eagle Street.