Boston Properties, Rudin Land $250M Construction Loan For Dock 72
Boston Properties and Rudin Development have closed on $250M in construction financing for their 675k SF Dock 72 office project at the Brooklyn Navy Yard.
The loan comes from J.P. Morgan, M&T Bank and U.S. Bank. It brings the $410M project, to be anchored by a 222k SF WeWork, a big step closer to completion.
WeWork isn’t just a tenant, but is acting as a co-developer and will curate the whole project’s amenity spaces. Construction on Dock 72 started in May and is set to wrap up in 2018. Boston Properties and Rudin hold a 99-year ground lease on the property from Brooklyn Navy Yard Development Co.
Correction, Jan. 24, 5:10 p.m.: A previous version of this story incorrectly stated the owner's acquisition price on the property. This story has been updated.