JV to build a condo tower
RAL Companies, Vanke US, and Oliver’s Realty Group have secured a $251 million construction loan from Bank of the Ozarks for Brooklyn Bridge Park’s Pier 6, according to the CO. The partnership also secured $160 million in equity from an unnamed company.
Plans Ahead: The developers are planning to build a condo tower with 126 luxury units and a rental building with 140 apartments (100 will be affordable).
Quotable: CEO of CreditFi, Ely Razin: “The most stable business is to lend on existing buildings that are well run by owner-operators and have a long list of existing tenants. That doesn’t mean increased construction lending is toxically risky. Bank of the Ozarks is simply taking on more risk.”