Brookfield signs $400M construction loan with Blackstone for 3 Greenpoint Landing buildings

By Varvara Budetti

Brookfield Properties has secured a $400 million new construction loan with Blackstone Mortgage Trust at the Greenpoint Landing development complex for three buildings on a parcel of land west of West Street, that would lie between Eagle Street and Dupont Street.

The loan will finance the construction of the 29-story building at 221 West Street for which permits were filed in 2019, and 15 Eagle Street and 1 Eagle Street, which also had permits filed the same year. Schematic renderings show the two planned stepped towers of 221 West Street and the 39-story 1 Eagle Street, and the much shorter 7-story 15 Eagle Street, along the Brooklyn waterfront. The financing is composed of a $57.7 million land loan, a $202.2 million building loan and a $140.1 million project loan.

The mortgaged property includes six parcels along West Street.

Noah Daniels was the signatory for Brookfield, through the entity BOP Greenpoint D LLC . Blackstone Mortgage Trust acted through the entity Husky Finco, LLC.

The deal closed on July 23, 2021 and was recorded on August 3, 2021.

The loan price per the zoning construction of the three buildings, which is more than 822,000 square feet, is $486 per square foot, according to the PincusCo analysis.

Brookfield properties previously secured nearly $200M in funding from Otera Capital for the neighboring 1 Bell Slip also with an address on Commercial Street.

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