The Domain Companies and LMXD have secured $114 million in total financing to support the development of 1,025 residential units in Brooklyn. It marks another phase of the Greenpoint Landing project, which has already welcomed multiple new retailers and infrastructure to the community.
The financing will support Block C at 212 West St. in Greenpoint. It breaks down to an $81 million senior loan from Bank OZK, while InterVest is providing $33 million mezzanine financing. JLL represented both Domain and LMXD.
Of the apartments developed at Block C, 300 will be set aside for affordable housing. Additionally, the phase will include a waterfront park in proximity to the Greenpoint ferry stop and more than 20,000 square feet of retail space. Block C will join other cafes, businesses, restaurants and cafes that have opened recently in the area. Also, a new facility is planned for the New York Liberty basketball team and a separate elementary school, according to JLL.
Once fully developed, Greenpoint Landing will feature 5,500 apartments (roughly 1,400 affordable) and span a half a mile across the East River. Park Tower Group is serving as the master developer of the 22-acre project. The full completion date is set for 2030.
"Having built the first affordable buildings of Greenpoint Landing with Park Tower Group more than a decade ago, it is especially rewarding to see how inviting and vibrant this whole waterfront community has become and to see it emerge as one of the city's most sought-after neighborhoods," David Dishy, CEO of LMXD.
According to LMXD, it manages over 23,000 market-rate, mixed-use and affordable units across its entire portfolio.
As NYC deals with a housing affordability crisis, median rents in the metro during the second quarter rose by 3.7 percent or $123 year-over-year to $3,491, according to a recent report from Realtor. Median rents eat up 55 percent of an average household income in the city, well above the 30 percent recommended for households, according to the real estate platform.
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