Developers Land $58M Loan for 40-story Greenpoint Tower
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A JV between RedSky Capital and JZ Capital Partners landed a nearly $58M loan for a 40-story project at 18 India St near the Greenpoint waterfront. Leases in the industrial space at the 112k SF site will have to expire early next year before shovels can hit the ground. CIT Real Estate Finance issued the bridge loan, good for two years with an option to extend for an extra year, as the project awaits a construction loan, the Commerical Observer reports. It’s shaping up to be a big project: 100k SF of retail space with market-rate and affordable rental units, on a site zoned for up to 650k BSF. [CO]