Brookfield signs $188.4M new construction loan with Otera Capital for development in Greenpoint

Brookfield Properties through the entity BOP Greenpoint H-3 LLC as borrower signed a new construction loan with lender Otera Capital Investments through the entity Otera Capital Investments IX Inc. valued at $188.4 million for two properties including the 414-unit rental (D7) at 1 Bell Slip also known as N/A Commercial Street in Greenpoint, Brooklyn and development site (V0) at N/A Commercial Street in Greenpoint, Brooklyn.
The deal closed on May 4, 2021 and was recorded on May 21, 2021.
The two properties have 326,250 square feet of built space and 206 square feet of additional air rights for a total buildable of 326,529 square feet according to PincusCo analysis of city data. The loan price per built square foot is $577 and the price per buildable square foot is $576 per the PincusCo analysis.
The signatory for Brookfield Asset Management was Ralph Toussie.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $4,000.

Direct link to Acris document. link