Three banks buy $175M in state bonds for Domino Sugar site project

Project is expected to cost $309M

A trio of banks has picked up $175 million in taxable bonds from the state for Two Trees Management’s mixed-use project at the former Domino Sugar Factory site.

M&T Bank, Wells Fargo and JPMorgan Chase purchased the bonds issued by the New York State Housing Finance Agency, the Commercial Observer reported. Wells Fargo led the buy, purchasing $75 million in bonds. The other banks each bought $50 million worth.

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The Real Deal first reported Two Trees was seeking construction financing from the state’s housing finance arm for the Domino Sugar site . The project — a 22-story office building connected to a 42-story residential tower — is expected to cost $309 million.

Last year, Two Trees opened the first residential building on the site, 325 Kent, which received 87,000 applications for its 104 affordable units. The developer also signed a restaurant run by Michelin star chef Missy Robbins and the Clinton Hill-based eatery Mekelburg’s as retail tenants in the building. [CO] — Kathryn Brenzel 

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Three banks buy $175M in state bonds for Domino Sugar site project

Project is expected to cost $309M

A trio of banks has picked up $175 million in taxable bonds from the state for Two Trees Management’s mixed-use project at the former Domino Sugar Factory site.

M&T Bank, Wells Fargo and JPMorgan Chase purchased the bonds issued by the New York State Housing Finance Agency, the Commercial Observer reported. Wells Fargo led the buy, purchasing $75 million in bonds. The other banks each bought $50 million worth.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The Real Deal first reported Two Trees was seeking construction financing from the state’s housing finance arm for the Domino Sugar site . The project — a 22-story office building connected to a 42-story residential tower — is expected to cost $309 million.

Last year, Two Trees opened the first residential building on the site, 325 Kent, which received 87,000 applications for its 104 affordable units. The developer also signed a restaurant run by Michelin star chef Missy Robbins and the Clinton Hill-based eatery Mekelburg’s as retail tenants in the building. [CO] — Kathryn Brenzel 

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