Brookfield Property Partners has landed $500 million in construction financing for its fourth market-rate development at the massive Greenpoint Landing project.
Blackstone Mortgage Trust granted $400 million in the form of a senior mortgage for 227 West Street a pair of 30- and 40-story towers that will have a combined 745 rental apartments when completed.
The financing package also includes a $100 million attic loan from Blackstone.
The cantilevered, puzzle-piece-like buildings are currently under construction, according to a recent update from New York YIMBY, which estimated the project will be completed in the first half of next year.
The development at 227 West Street will set aside 30%of its units as income-restricted apartments under the Affordable Housing New York program. When completed, Greenpoint Landing will include more than 5,000 apartments.