Brookfield lands $217M financing for another Greenpoint Landing resi tower

ICBC, Scotiabank led quartet of international lenders

New York /
Feb.February 22, 2019 05:30 PM

A rendering of Two Blue Slip and Brookfield’s Ric Clark

Brookfield Property Partners has secured financing for its next residential tower at its Greenpoint Landing megaproject with Park Tower Group.

A group of four international lenders led by Industrial and Commercial Bank of China (ICBC) and the Bank of Nova Scotia (Scotiabank) are providing roughly $217 million in financing to Brookfield for construction on 41 Blue Slip (a.k.a. “Two Blue Slip”), Commercial Observer reported. The 30-story rental tower will stand right next to Brookfield’s One Blue Slip, or 37 Blue Slip, which is now complete.

City records indicate that loan documents for the deal were recorded in December.

The new debt refinances part of a $75 million ICBC loan from 2015, which went towards Brookfield’s acquisition of the land for One and Two Blue Slip. Scotiabank represented the two other lenders, TD Bank and Intesa Sanpaolo, and the four banks split the $217 million evenly into prorated shares, sources told CO.

Scotiabank assumed a portion of the prior ICBC debt in 2017, when it provided $137 million in financing for One Blue Slip. Last June, ICBC provided Brookfield with a $89 million loan for two other developments in the complex.

Toronto-based Brookfield is constructing four projects at Greenpoint Landing with Park Tower, which holds an undisclosed minority stake in the projects. L+M Development Partners is building three affordable housing projects at the complex as well.

In total, Greenpoint Landing is expected to feature around 5,500 apartment units, 25 percent of which will be affordable. There will also be retail offerings, public park space and a school. Two Blue Slip will comprise 420 units, while One Blue Slip has 373. [CO] –Kevin Sun


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
3 New York Avenue in Jersey City, NJ (Google Maps, iStock)
Developers land $97M for Jersey City multifamily
Developers land $97M for Jersey City multifamily
Hudson Meridian Construction Group founder Bill Cote and a rendering of the Science Park Apartments planned at 201 Munson in New Haven (Hudson Meridian Construction Group)
Breakthrough for beleaguered New Haven project
Breakthrough for beleaguered New Haven project
From left: Scott Rechler and 5 Times Square; Marc Holliday, Steven Roth and 280 Park Avenue (Getty Images, Eden, Janine and Jim from New York City - via Wikimedia Commons)
Swell of maturing debt pressures office owners
Swell of maturing debt pressures office owners
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
Ron Perelman with 35 East 62nd Street and 41 East 62nd Street (Getty, Google Maps)
Ron Perelman’s former Lenox Hill offices hit market for $160M
Ron Perelman’s former Lenox Hill offices hit market for $160M
World Wide Group's James Stanton, Suchman Group's Jeffrey Suchman and rendering of 66 Nowedonah Avenue in Water Mill NY (World Wide Group, Getty Images, The Water Mill Crossing)
JS Squared gets financing to build 38 Water Mill townhomes
JS Squared gets financing to build 38 Water Mill townhomes
arrow_forward_ios

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

Loading...