Three banks buy $175M in state bonds for Domino Sugar site project

Project is expected to cost $309M

TRD New York /
Apr.April 13, 2018 09:00 AM

Rendering of Domino Sugar Park and Jed Walentas (Credit: COOKFOX and Michael McWeeney )

A trio of banks has picked up $175 million in taxable bonds from the state for Two Trees Management’s mixed-use project at the former Domino Sugar Factory site.

M&T Bank, Wells Fargo and JPMorgan Chase purchased the bonds issued by the New York State Housing Finance Agency, the Commercial Observer reported. Wells Fargo led the buy, purchasing $75 million in bonds. The other banks each bought $50 million worth.

The Real Deal first reported Two Trees was seeking construction financing from the state’s housing finance arm for the Domino Sugar site . The project — a 22-story office building connected to a 42-story residential tower — is expected to cost $309 million.

Last year, Two Trees opened the first residential building on the site, 325 Kent, which received 87,000 applications for its 104 affordable units. The developer also signed a restaurant run by Michelin star chef Missy Robbins and the Clinton Hill-based eatery Mekelburg’s as retail tenants in the building. [CO] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Craig Solomon

The REInterview: Square Mile’s Craig Solomon on his big bet on studio space, today’s capital stack and the dangers of socialism

The REInterview: Square Mile’s Craig Solomon on his big bet on studio space, today’s capital stack and the dangers of socialism
529 Fifth Avenue and Silverstein Properties' Larry Silverstein (Google Maps; Getty)

Silverstein gets $171M refi for 529 Fifth Avenue

Silverstein gets $171M refi for 529 Fifth Avenue
Lantern Real Estate co-founder Tal Bar-Or and a rendering of the project

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails

Williamsburg building gets $41M bridge loan after Brooklyn Boulders bails
AIG CEO Brian Duperreault and Brooklyn Navy Yard project, with Andrew Joblon and 980 East 149th Street (Turnbridge, Brooklyn Navy Yard)

These were the top outer-borough loans in September

These were the top outer-borough loans in September
From left: 410 Tenth Avenue, 745 Fifth Avenue, One Manhattan West and 522 Fifth Avenue (Google Maps, Wikimedia)

Real estate lending bounces back in September in a big way

Real estate lending bounces back in September in a big way
JPMorgan Chase CEO Jamie Dimon (Getty, iStock)

JPMorgan wants to invest $700M building rentals in Sun Belt states

JPMorgan wants to invest $700M building rentals in Sun Belt states
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...