Flushing Commons Developers to Close on $300 Million Loan for Development

The Flushing Commons development gains more traction: Crain’s reports that the developers took out a $300,000,000 loan to begin the first phase of construction. According to Crain’s, “The partnership between Flushing-based TDC Development and Construction Corporation, AECOM Capital, the Rockefeller Group and Mount Kellett Capital Management is getting ready to close a roughly $225 million loan from Starwood Property Trust and a $75 million equity investment from the developers… Both deals are expected to close at the end of the month.” Construction is expected to begin this April.

The first phase includes 150,000 square feet of office condos, 56,000 square feet of retail space, 150,000 square feet of residential condos and a 982 space parking garage — the developers are required to finish construction on this portion by April 2017, under an agreement with the EDC. Construction on the second phase, which includes mixed-use space, a YMCA, an outdoor public plaza, and more housing and parking, is scheduled to begin in 2018.

Flushing Commons Developers to Close $300M Financing Brokered by HFF [Commercial Observer]
All Flushing Commons coverage [Q’Stoner]