Brooklyn Bridge Park Pier 6 developers land $400M+ in new financing

JV led by RAL Companies gets construction loan and new equity for pair of residential towers

TRD New York /
Apr.April 19, 2018 01:50 PM

Robert Levine, George Gleason and a rendering of Brooklyn Bridge Park Pier 6

The development team tapped to build a pair of residential buildings at Brooklyn Bridge Park’s Pier 6 landed $411 million in construction financing.

RAL Companies, Vanke U.S. and Oliver’s Realty Group secured a $251 million construction loan from Bank of the Ozarks, the Commercial Observer reported. The developers also locked down $160 million in joint-venture equity from a source that was not identified.

The developers plan to build a 28-story, 126-unit luxury condominium tower next to a 14-story rental building with 140 apartments, 100 of which will be set aside as affordable housing.

Development on the state-owned Brooklyn Bridge Park land has long been controversial, as local neighborhood and community groups have argued that the park’s stewards should only allow the bare minimum of development necessary to keep the park financially stable.

The Brooklyn Bridge Park Corporation in 2015 selected Robert Levine’s RAL Companies and Oliver’s Realty Group to develop the two residential buildings shortly after a state judge gave the green light.

A state Supreme Court judge earlier this year threw out another lawsuit challenging the nonprofit’s selection of Oliver’s, which had failed to register with a database of companies doing business with the city.

Meridian Capital Group arranged the financing.

Two bedroom units at the condo tower, named “Quay Tower,” start at $1.9 million. Douglas Elliman Development Marketing is handling sales. [CO] Rich Bockmann


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
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
WeWork CEO Sandeep Mathrani (Wikipedia Commons; iStock)

WeWork bonds, already junk, downgraded by Fitch

WeWork bonds, already junk, downgraded by Fitch
(Getty, iStock)

Cash-strapped borrowers are increasingly giving keys back to lenders

Cash-strapped borrowers are increasingly giving keys back to lenders
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
New York City council member Margarate Chin, Mayor Bill de Blasio and council member Carlina Rivera (Getty; iStock)

Why the Soho rezoning will pass — and Gowanus, too

Why the Soho rezoning will pass — and Gowanus, too
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
arrow_forward_ios

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

Loading...