The Real Deal New York

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

ICBC, Scotiabank led quartet of international lenders
February 22, 2019 05:30PM

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