Brookfield secures $75M loan from Chinese bank

Cash will finance aquistion of two Greenpoint Landing sites

Greenpoint Landing
Renderings of the Greenpoint Landing development in Greenpoint (credit: Handel Architects)

Brookfield Property Partners secured financing for the acquisition of two parcels at Greenpoint Landing, on which the company is planning two build two rental towers.

The firm accepted a $75 million acquisition loan from the Industrial and Commercial Bank of China.

Brookfield acquired two development parcels along Commercial Street, part of the 22-acre Greenpoint Landing development, on Oct. 19 from Park Tower Group. One of the two sites sold for $59.8 million, and the other for $46.5 million, according to property records.

The Toronto-based Brookfield is planning to develop two rental towers on the sites, a 30-story, 365-unit building and a 40-story, 415-unit one.

Work on the project, expected to cost $600 million, is slated to be completed in 2019, the New York Observer reported.

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In all, Greenpoint Landing, still mostly owned by Park Tower Group, will hold 5,500 apartments across 10 buildings.

Construction at the site is expected to start in early 2016. [NYO]Ariel Stulberg