Saturday, February 16, 2013

$390M in Loans for Related's Projects in Outer Boroughs

The Related Companies has nabbed two construction loans totaling $390 million for development projects it is working on in the outer boroughs, in another sign of an uptick for new construction in the city. With $390 million in construction financing, the developer will immediately commence work on an expansion of its Gateway Center mall in East New York, Brooklyn, and move forward with work at the massive Hunters Point South housing complex in Long Island City. 

The financing deals come at a time when other lenders have also begun to finance real estate projects that just a few years ago would have had difficulty attracting capital.

Gateway Center Expansion 

$225 million in financing is earmarked to fund an expansion of Related's Gateway Center retail mall in Brooklyn's East New York.

The construction will add 600,000 square feet to the existing 900,000-square-foot complex that opened in 2002, on the site of a former garbage dump.

Comprising 13 buildings, and anchored by Home Depot, Target and BJ's Wholesale Club, Gateway Center is one of the largest suburban-style retail centers to be built in the city. Construction on the second phase broke ground in December 2012.

Happy Ending to Failed Olympic Bid
$165 million in additional construction financing has been given to the development partnership of Related Cos, Phipps Houses and Monadnock Construction, for the massive 5,000-unit affordable housing complex in the Hunters Point section of Queens.

Construction of the twin buildings at parcels A and B is well underway, as is work on the waterfront esplanade.

The first 908-units of affordable housing are expected to be completed by mid-2014. The Hunters Point South mega-development grew from planning for the city's failed bid for the 2012 Olympics.

Related Articles

[PDF] Hunters Point South - Project Scope 

[see ElectricWeb | Blogger, Nov 18, 2011]
[see ElectricWeb | Blogger, Oct 24, 2012]
[see ElectricWeb | Blogger, Oct 11, 2012]