Brooklyn Project Lands $250M in FinancingBy
New York City—A joint venture between Boston Properties Inc. and Rudin Development has received a $250 million construction loan for Dock 72, a 16-story, 675,000 square-foot creative office development located at the Brooklyn Navy Yard.
The financing was led by J.P. Morgan, M&T Bank and U.S. Bank.
“It’s going to be the first ground-up office building to be built in Brooklyn since MetroTech, and we’re really capitalizing on that and being able to provide all the features and amenities that go into a modern-day office building that haven’t been brought to the area in quite some time,” Michael Rudin, a partner in Rudin Development, told Commercial Property Executive. “There’s a big difference between retrofitting an existing building and a brand new building.”…
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