New York
Two Trees in talks for construction loan at Domino Sugar site
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Two Trees snags $364M for Domino Sugar resi project
Site at 346 Kent Avenue to feature 600 apartments
Two Trees Management secured $364 million in loans for a two-tower residential project that is rising as part of its Domino Sugar megadevelopment.
JPMorgan Chase provided the financing for 346 Kent Avenue, also known as Site D, where 600 apartments will be built across two buildings that share a podium. The financing package includes $304 million building loans and $60 million in project loans, according to filings with the city’s Department of Finance.
Construction of the buildings began six months ago, and is expected to be completed within two years.
The anticipated timeline places the project well within the deadline to qualify for the now-expired property tax break 421a. Developers needed to at least have foundation footings in place by June 15 to qualify for the program, and must complete construction by June 2026.
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A representative for the developer said that while site D is primed to qualify for the old program, it is uncertain how a 1 million-square-foot development at site B will move forward without a similar incentive in place.
M&T Bank in August provided $80 million in financing for the conversion of the Domino refinery into 460,000 square feet of office space, the Commercial Observer reported at the time. Two Trees is still searching for an anchor tenant for the $250 renovation.
The projects are part of Two Trees’ 11-acre development, which is expected to ultimately include 2,800 apartments, 25 percent of which will be affordable.