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RXR lands construction financing for Fort Greene project

RXR Realty has secured a $225.6 million financing package from Goldman Sachs for its project on the campus of LIU in Fort Greene. RXR paid $76.4 million to the college for the development site and air rights at 196 Willoughby Street near the intersection of Flatbush and DeKalb Avenues.

  • Financing details: The new mortgage is divided among a $155.9 million building loan and a $69.7 million project loan., according to Newsday
  • Be Smart: As part of the deal, LIU will also reap $41 million in cash from RXR. The developer will build a 34-story tower with 476 apartments (30 percent will be affordable).

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