Australian developer Lendlease has landed a $360M construction loan for a 36-story, 834-unit apartment complex on the waterfront in the Greenpoint neighborhood in Brooklyn.
The financial package for the two-building development at 1 Java Street is being provided by a consortium of lenders led by Bank of America and including Mizuho Bank, OCBC Bank and TD Bank.
The foundation for the project was installed in June in order to qualify for a 421a tax break for affordable housing projects. NY's state legislature let the incentive expire on June 30 but said projects that broke ground before the end of June would still qualify.
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