Greenland Forest City secures $200M loan for 550 Vanderbilt

278-unit condo project is already under construction

From left: Rendering of 550 Vanderbilt Avenue in Prospect Heights and Forest City Ratner CEO MaryAnne Gilmartin
From left: Rendering of 550 Vanderbilt Avenue in Prospect Heights and Forest City Ratner CEO MaryAnne Gilmartin

Chinese developer Greenland Group and Forest City Ratner secured a $200 million construction loan from HSBC Holdings for 550 Vanderbilt Avenue, a 278-unit condo project that is part of Pacific Park.

550 Vanderbilt is one of four residential projects currently under construction in the 15-building megaproject, which will contain a total of 6,430 units, 2,250 of which will be affordable.

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Greenland Forest City Partners has already broken ground on the project and recently launched sales. Units will range from $565,000 to $7 million, the Wall Street Journal reported.

Forest City sold 70 percent of its stake in the residential portion of Pacific Park to Greenland in 2013.  [WSJ] — Tess Hofmann