The former loan providers of at one Greenpoint Landing development are getting the slip, having their debt retired in favor of a new refinancing.
Brookfield Properties scored a $330 million refinancing of Two Blue Slip from MF1 Capital, the Commercial Observer reported The loan is for a floating rate and has a five-year term.
The debt retires the roughly $217 million construction loan provided in late 2018 by a group of four international lenders, led by Industrial and Commercial Bank of China (ICBC) and the Bank of Nova Scotia (Scotiabank). At the time, that loan refinanced part of a $75 million ICBC loan from 2015, used to acquire the land for One and Two Blue Slip.
A CBRE team including Tom Traynor and James Millon negotiated the financing for the 37-story tower, according to the Observer.
The Handel Architects-designed Two Blue Slip was completed in early 2020 and includes 421 residences, 30-percent of which are affordable. Amenities include a gym with a spin studio, a pool deck, private lounges and coworking spaces.
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The tower is part of the larger Greenpoint Landing development, which is slated to bring 5,500 units to the Brooklyn neighborhood in the coming years. Of those units, 1,400 are expected to be affordable, per the Observer. One and Two Blue Slip have already been completed, while work is finishing up at 1 Bell Slip.
In September, Brookfield Property Partners landed $500 million in construction financing for its latest project in Greenpoint Landing. Blackstone Mortgage Trust provided a $400 million senior mortgage for 227 West Street, a pair of 30- and 40-story towers that will bring 745 apartment units online. Blackstone also provided a $100 million mezzanine loan.
Last month, Park Tower Group entered into a joint venture with Rockefeller Group to develop 16 Dupont Street in Greenpoint Landing. Park Tower previously picked up more than 224,000 square feet of development rights at the site from the city for $22.9 million.
[CO] — Holden Walter-Warner