Park Tower Group signs $170M construction loan for Greenpoint development

The Park Tower Group through the entity H1h2 Gpl Owner LLC as borrower signed a new construction loan with lender New York City Housing Development Corporation through the entity New York City Housing Development Corporation valued at $135.3 million for the development site (G7) at 35 Commercial Street in Greenpoint, Brooklyn.
The deal closed on June 24, 2021 and was recorded on July 19, 2021.

The signatory for Park Tower Group was Marian Klein. The signatory for New York City Housing Development Corporation was Ruth Moreira.
(321589704) Plans for a 374-unit, 318,639 square-foot R-2 were filed on April 3, 2020 and were permitted on June 25, 2021.
This $170 million of construction financing for an affordable housing development in Greenpoint, Brooklyn. The development is part of a larger project with Brookfield Properties that will be two adjacent residential towers.
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Direct link to Acris document. link

In a related loan, Park Tower Group through the entity Greenpoint Landing Lot 6 LLC as borrower signed an acquisition loan with lender Signature Bank valued at $30 million for two industrials including the industrial (U9) at 16 Dupont Street in Greenpoint, Brooklyn and industrial (G7) at N/A Dupont Street in Greenpoint, Brooklyn.
The deal closed on June 24, 2021 and was recorded on July 19, 2021.

The signatory for Park Tower Group was Marian Klein. The signatory for Signature Bank was Brendan McBride.

There is also a purchase money mortgage with NYC for this property.
Within a 400-foot radius of 16 Dupont Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, three were in new building development. There were three new building permits. The most recent of these three items was a permit on June 25, 2021 for a 318,639-square-foot R-2 building with 374 residential units at 35 Commercial Street.
One of those four items was a loan which Gina J Argento borrowed $5.5 million from TD Bank secured by the 104,200-square-foot, three-unit office building (J6) on 198 West Street on July 1, 2021.

Direct link to Acris document. link