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

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
Charles Cohen of Cohen Brothers Realty Corporation with 975 Anderson Hill Road in Rye Brook, NY (Google Maps, Wikipedia)
Charles Cohen eyeing Rye Brook redevelopment
Charles Cohen eyeing Rye Brook redevelopment
Jamestown chairman Christoph Kahl and One Times Square (Jamestown LP, iStock)
Jamestown lands $425M to bring the metaverse to One Times Square
Jamestown lands $425M to bring the metaverse to One Times Square
(iStock, Illustration by Shea Monahan for the Real Deal)
As lawmakers race to electrify buildings, industry pushes back
As lawmakers race to electrify buildings, industry pushes back
Gov. Kathy Hochul (Getty, iStock)
With 421a dying, apartment project financing “has come to a stop”
With 421a dying, apartment project financing “has come to a stop”
Madison Realty Capital's  Zach Kadden with 364 Bay Street (LinkedIn, Loopnet)
Madison Realty Capital plans 100 small apartments, a NYC rarity
Madison Realty Capital plans 100 small apartments, a NYC rarity
From left: Developer Bruce Teitelbaum and Durst Organization CEO Douglas Durst and 44-02 Vernon Boulevard (Getty Images, LoopNet, iStock)
“A tremendous ordeal”: Lawyers in $97M Durst buyout slam case
“A tremendous ordeal”: Lawyers in $97M Durst buyout slam case
arrow_forward_ios

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

Loading...