Industry City to Receive $220M from Bank of China and SL Green
Industry City is on the brink of scoring a $220M loan from the Bank of China and SL Green Realty, with Bank of China funding the senior portion of the financing, and SL Green taking care of the rest in mezz debt.
There may also be a "good news facility," which would allow for additional funding.
Industry City has been in the process of a $1B redevelopment plan since 2013, making Sunset Park a magnet for businesses in the manufacturing and TAMI industries.
The revitalization plan includes upgraded infrastructure, more retail and dining components, and expanded transportation options, along with a 280k SF hotel. The loan is expected to close in the next few weeks. [CO]