Brookfield lands $500M for next Greenpoint Landing development

Blackstone Mortgage Trust lends on two-tower, 745-unit project

New York /
Aug.August 03, 2021 03:20 PM
Rendering of 227 West Street with Brookfield's Brian Kingston and Blackstone's Katie Keenan (OMA, Brookfield, Blackstone)

Rendering of 227 West Street with Brookfield’s Brian Kingston and Blackstone’s Katie Keenan (OMA, Brookfield, Blackstone)

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.

Brookfield and Park Tower Group have already completed the megaproject’s first two buildings — One and Two Blue Slip — and are finishing up work at the third, 1 Bell Slip.





    Related Articles

    arrow_forward_ios
    1 Pierrepont Street and 285 Union Street (Google Maps)
    Brooklyn Heights condo tops borough’s luxury market
    Brooklyn Heights condo tops borough’s luxury market
    Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
    Empire Capital, partners close on $320M deal for 1330 Sixth Ave
    Empire Capital, partners close on $320M deal for 1330 Sixth Ave
    350 East 52nd Street (Google Maps)
    Landlord seeks $10M from mom over rent overcharge claims
    Landlord seeks $10M from mom over rent overcharge claims
    198 Scholes Street, 11 Gunther Place, 506 Dekalb Avenue and 65 Kent Avenue (Google Maps)
    Avi Philipson to All Year: Get me out of here
    Avi Philipson to All Year: Get me out of here
    30 Front Street and 593 11th Street (StreetEasy, Google Maps)
    In election week, Olympia Dumbo emerges as winner
    In election week, Olympia Dumbo emerges as winner
    Signature Investment Group's Manny Shurka with 2124 Mill Ave
    Development sites, multifamily buildings, hotels snag mid-market deals
    Development sites, multifamily buildings, hotels snag mid-market deals
    Douglas Elliman’s Lindsay Barton Barrett and 17 Prospect Park West in Park Slope (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow, Douglas Elliman)
    TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
    TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
    960 Franklin Avenue (Google Maps, Getty)
    Hager buys controversial site by Brooklyn Botanic Garden
    Hager buys controversial site by Brooklyn Botanic Garden
    arrow_forward_ios

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

    Loading...