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

Bank of Nova Scotia finances 373-unit resi building

TRD New York /
Nov.November 15, 2017 03:02 PM

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.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

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

Brookfield drops $83M on Hell’s Kitchen hotel

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Brookfield's Ric Clark and an aerial view of the Greenpoint Landing development site (Credit: Google Maps)

Three developers slapped on wrist for de Blasio donations

Embattled Prodigy Network CEO Rodrigo Niño to step down

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

arrow_forward_ios