JV Lands $460M Financing for Brooklyn Tower
- Dec 26, 2019
Developers of the residential tower 18 Sixth Ave. in Downtown Brooklyn, N.Y., have secured $460 million in construction financing for the 858-unit project. Once completed, the community will be the largest property within the 22-acre mixed-use Pacific Park development.
A consortium of banks led by M&T Bank and Bank of New York provided the financing to Greenland Forest City Partners and The Brodsky Organization, the joint venture behind the residential project.
The venture, which restructured its development partnership for Pacific Park nearly two years ago, broke ground on 18 Sixth Ave. earlier this year and have completed foundation work for the tower. Vertical construction has begun, and the building is expected to be completed in 2022.
The property will rise more than 500 feet and will feature mixed-income housing, including 258 affordable units. Designed by Perkins Eastman, the building will be the fifth residential property to be completed at Pacific Park, following condo tower 550 Vanderbilt; the 100 percent affordable rental communities 535 Carlton and 38 Sixth; and 461 Dean, known for being the tallest modular building in the world. Additionally, the partnership recently launched construction at 662 Pacific St., a mixed-income rental community that will also include a new public school.
Once fully completed, Pacific Park will house a total of 6,430 housing units, 2,250 of which will be designated affordable. Anchored by the sports and entertainment arena Barclays Center and the Atlantic Terminal Transit Hub, the development has been in the works for several years and will also feature office space, retail, community facilities and 8 acres of open public space. Pacific Park is at the apex of several neighborhoods in Brooklyn, including Downtown Brooklyn, Boerum Hill, Prospect Heights and Clinton Hill.