Chinese developer Greenland Group and Forest City Ratner secured a $200 million construction loan from HSBC Holdings for 550 Vanderbilt Avenue, a 278-unit condo project that is part of Pacific Park.
550 Vanderbilt is one of four residential projects currently under construction in the 15-building megaproject, which will contain a total of 6,430 units, 2,250 of which will be affordable.
Greenland Forest City Partners has already broken ground on the project and recently launched sales. Units will range from $565,000 to $7 million, the Wall Street Journal reported.
Forest City sold 70 percent of its stake in the residential portion of Pacific Park to Greenland in 2013. [WSJ] — Tess Hofmann