RXR Realty secured $125 million in construction financing from JPMorgan Chase and People’s United Bank to fund its 363-unit rental development 810 Fulton Street in Clinton Hill.
The funding comes in the form of tax-exempt bonds backed by the New York State Housing Finance Agency. JPMorgan Chase bought $75 million worth of bonds, sources say, while People’s United chipped in $50 million.
Greystone Bassuk brokered the deal, which closed in late March but wasn’t previously reported.
The deal cements JPMorgan’s status as one of New York’s most active construction lenders in 2017. The bank already pledged $900 million to Extell Development’s Central Park Tower project and $850 million to Harry Macklowe’s office-to-residential conversion at One Wall Street.
RXR [TRDataCustom] bought the leasehold for the property for $29.6 million last year and plans to build a 12-story, 400,000-square-foot apartment building. The project has a 421a tax exemption in place, which would require the developer to set aside 20 percent of units as affordable.
In December, a major ironworkers union asked Gov. Andrew Cuomo to block the bond issuance because the project uses a nonunion contractor.