NEW YORK CITY—A joint venture between Boston Properties and Rudin Development has closed on a $250 million construction loan for Dock 72, the 16-story, 675,000-square-foot creative office development at the Brooklyn Navy Yard. The financing was led by J.P. Morgan, M&T Bank and U.S. Bank. Further terms of the transaction were not disclosed.

With Dock 72, the joint venture is undertaking one of the largest New York City commercial buildings to be constructed outside of Manhattan in decades. WeWork is slated to anchor the new building with a 222,000 square-foot lease in addition to acting as co-developer and curator of the amenity spaces, which include a health and wellness center, specialty food and beverage offerings and a rooftop conference center. The joint venture broke ground in May 2016 and the project will be ready for tenant fit-out in late 2017 and will be completed in early 2018.

“The Boston Properties/Rudin team is excited to close this transaction with JP Morgan, M&T Bank and U.S. Bank to move forward with creating this dynamic, unique project, which will be the office building of the future,” says Michael Rudin, partner in Rudin Development, on behalf of the joint venture partnership. “Co-working space is an integral part of New York's new economy, transforming the way people do business. With the development of Dock 72, we are building the infrastructure to meet that growing demand.”