A joint venture between Domain Cos., LMXD and master developer Park Tower Group, has received $114 million in financing for the next phase of Greenpoint Landing, an ongoing master-planned community in Brooklyn, N.Y. This round of financing is being used to build three new residential towers in the 22-acre East River waterfront development, located at 213 West St.
The bulk of the funding came from Bank OZK, which provided the project with an $81 million senior land loan. InterVest contributed $33 million in mezzanine financing and structured equity solutions for the acquisition and pre-development costs leading up to this phase. A JLL Capital Markets team led by Christopher Peck, Nicco Lupo, Rob Hinckley, Scott Aiese and Jonathan Faxon arranged the financing.
The three buildings that are planned for this phase will bring 1,000 mixed-income units, 20,000 square feet of retail space and a waterfront park to Greenpoint Landing. Igloo is set to lease the retail space, according to The Brooklyn Eagle. The new buildings will be located at 21 Freeman Street, 37 Freeman Street, and 209 West Street.
READ ALSO: Top 10 Emerging Multifamily Markets of 2025
The Real Deal reported that 21 Freeman St will be the largest project in this phase. Handel Architects—the architect that has led the design of other residential buildings in the development— has planned a 40-story, 400,000 square-foot building with 503 units at that location. The other two towers designed by the firm include a 30-floor, 220,000 square-foot building at 37 Freeman St. and at 209 West Street, which building will span 172,000 square feet across nine stories. Construction is estimated to be completed by 2030.
Domain Cos. has worked on similar affordable housing projects before. At the end of July, a joint venture between the firm and Silverstein Properties received a $205 million refinancing package for 420 Carroll St. in Brooklyn, a 360-unit property that includes affordable and market-rate residences.
A decade of construction
Work at the 22-acre Greenpoint Development has been underway for a decade, with the first building opening in 2018. Plans for the project originated after the Greenpoint-Williamsburg rezoning in 2005. Greenpoint has delivered on nine residential buildings totaling over 3,000 units. The surrounding neighborhood has grown its retail and dining options to support the growing population.
Once completed, the project will have brought the Brooklyn community more than 5,000 residences. The plans designate 1,400 of these units to be reserved for affordable housing. Multiple developments such as 7 Bell Slip, 33 Eagle Street and 5 Blue Slip were the first communities at the project to include affordable housing, bringing the development 294 permanently affordable units.
Last April, Park Tower Group opened 35 Commercial Street, a 22-story, 100 percent affordable housing community at Greenpoint Landing designated for renters earning between 30 and 110 percent of the Area Median Income.
The post JV Lands $114M for Next Phase of Brooklyn Master Plan appeared first on Multi-Housing News.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com