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By Joe M RichterDecember 13, 2019
Related Companies and GreenOak Real Estate have secured a $75 million loan from Colony Credit Real Estate to refinance 21-09 Borden Avenue in Hunters Point, TRD reported. The duo recently completed $15 million worth of capital improvements to the 220,000-square-foot property, including a new lobby and landscaped courtyard.
Financing details: The new floating-rate loan replaces more than $64 million in acquisition financing provided by TPG Real Estate Finance Trust.
Flashback: The partnership paid $62.5 million for the LIC property in 2016.