Mack Real Estate + Palin Enterprises + Urban Development Partners have secured $175 million from HSBC to refinance 21-23 India Street on North Brooklyn’s East River waterfront. The project consists of a 40-story tower split between condo units and rental apartments, in addition to an adjacent five-story rental building.
- Financing details: Palin secured a $290 million construction financing package from the New York State Housing Finance Agency in 2016. That debt was transferred to JP Morgan Chase in April, and the balance was subsequently reduced when Palin and Mack paid down a $90 million portion of the balance, according to CO.
- Flashback: Palin paid $84.6 million for the site in 2006.