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Brooklyn Bridge Park Pier 6 developers land $400M+ in new financing
JV led by RAL Companies gets construction loan and new equity for pair of residential towers
The development team tapped to build a pair of residential buildings at Brooklyn Bridge Park’s Pier 6 landed $411 million in construction financing.
RAL Companies, Vanke U.S. and Oliver’s Realty Group secured a $251 million construction loan from Bank of the Ozarks, the Commercial Observer reported. The developers also locked down $160 million in joint-venture equity from a source that was not identified.
The developers plan to build a 28-story, 126-unit luxury condominium tower next to a 14-story rental building with 140 apartments, 100 of which will be set aside as affordable housing.
Development on the state-owned Brooklyn Bridge Park land has long been controversial, as local neighborhood and community groups have argued that the park’s stewards should only allow the bare minimum of development necessary to keep the park financially stable.
The Brooklyn Bridge Park Corporation in 2015 selected Robert Levine’s RAL Companies and Oliver’s Realty Group to develop the two residential buildings shortly after a state judge gave the green light.
A state Supreme Court judge earlier this year threw out another lawsuit challenging the nonprofit’s selection of Oliver’s, which had failed to register with a database of companies doing business with the city.
Meridian Capital Group arranged the financing.
Two bedroom units at the condo tower, named “Quay Tower,” start at $1.9 million. Douglas Elliman Development Marketing is handling sales. [CO] – Rich Bockmann