Brookfield Property Partners has landed $500 million in construction financing for its fourth market-rate development at the massive Greenpoint Landing project.
Blackstone Mortgage Trust provided $400 million in the form of a senior mortgage for 227 West Street — a pair of 30- and 40-story towers that will have a combined 745 rental apartments when completed, property records filed with the city Tuesday show.
The financing package also includes a $100 million mezzanine loan from Blackstone, a source told The Real Deal.
The cantilevered, puzzle-piece-like buildings are currently under construction, according to a recent update from New York YIMBY, which estimated the project will be completed in the first half of next year.
A spokesperson for Brookfield, which is co-developing Greenpoint Landing with Park Tower Group, declined to comment. And a representative for Blackstone Mortgage Trust could not immediately be reached.
The development at 227 West Street will set aside 30 percent of its units as income-restricted apartments under the Affordable Housing New York program. When completed, Greenpoint Landing will include more than 5,000 apartments.