Australian development firm Lendlease has inked $360 million in construction financing for its huge residential project in Greenpoint.
Lendlease and its joint venture partner, Aware Super, an Australian superannuation fund, are developing a 36-story, 834-unit project at 1 Java St. on the Brooklyn waterfront. The loan came from a syndicate of four banks led by Bank of America. The other three lenders were Mizuho Bank, Oversea-China Banking Corp. and TD Bank.
“This financing is proof that experienced, creditworthy sponsors can secure debt financing even in uncertain market conditions,” Lendlease portfolio manager Ben Byrne said in a statement.
Lendlease purchased the Greenpoint site in October 2020 for about $111 million, property records show. The company expects to finish the project in 2026.
The developers are building 1 Java St. under the now-expired 421-a affordable housing tax break, meaning about 30% of the units will be designated as affordable. They are designing it to meet the environmental standards laid out in Local Law 97, according to Lendlease. The project will also feature 13,000 square feet of retail space on the ground floor and a public waterfront park that spans about 18,000 square feet.
The affordable units will be for people earning up to 80%, 125% and 130% of the area median income, which ranges from $106,720 to $173,420 annually for a family of four.
Representatives for Bank of America, Mizuho Bank and OCBC did not respond to requests for comment by press time. A TD Bank representative declined to comment.
The Greenpoint waterfront is proving to be a popular spot for new real estate projects. U.K.-developer Quadrum Global is bringing a pair of luxury condos dubbed The Huron to the neighborhood at 29 Huron St., and it is also home to the sprawling 5,500-unit Greenpoint Landing development.
Source: news.google.com
