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Pacific Park MF Tower Completes Financing

NEW YORK CITY—The building, for which construction has now begun, is the second one at the complex where 100% of residential units will be affordable housing.

By Rayna Katz | Updated on June 18, 2015

NEW YORK CITY—Greenland Forest City Partners, the joint venture of Forest City Ratner Cos. and Greenland USA developing the Pacific Park Brooklyn project, has closed on financing for the construction of 38 Sixth Ave., a 303-unit, 100% affordable apartment building at the complex.

The NYC Housing Development Corp. is providing an $83 million first mortgage construction loan for the building through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Greenland also is receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank to erect the building.

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