Planned Brooklyn Bridge Park Pier 6 highrises score construction financing
RAL Companies, Vanke U.S. and Oliver’s Realty Group have scored $411 million in construction financing and joint venture equity for their luxury highrise development at Brooklyn Bridge Park’s Pier 6, according to Commercial Observer.
Bank of the Ozarks provided a $251 million construction loan for the deal, while Meridian Capital Group’s Drew Anderman and Alan Blank arranged the transaction, Commercial Observer reported. The project, which will include a 28-story luxury condo tower and a 14-story rental tower, was opposed by community groups for years on the grounds that it didn’t comply with the park’s General Project Plan. In February, a state Supreme Court judge dismissed a lawsuit by the Brooklyn Heights Association.
Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.