New York State Housing Finance Agency (HFA) has provided $290 million in financing on an apartment development project on the banks of the East River in Greenpoint, Brooklyn.
The non-profit development corporation provided the financing to an affiliate of the Mack Real Estate Group (MREG).
MREG formed a joint venture with Palin Enterprises to develop the site in August 2014, city records show. Palin purchased the site in 2006 for $84.57 million.
The New York State Housing Finance Agency offers agency-issued bonds, Low Income Housing Tax Credits, and subsidy loans to finance affordable multifamily rental housing throughout the state.
Completion of the property is expected in late 2017 or early 2018. A six story foundation with 140 units exclusively reserved for low-income tenants will be connected to a 39-story tower at 10 Huron Street with an additional 640 units.
MREG is a real estate investment manager that also has a transitional and distressed lending platform, Mack Real Estate Credit Strategies (MRECS), headed MREG’s Richard Mack and Peter Sotoloff. Last month, MRECS provided a $165 million loan on the Greensboro Station office complex in Tysons Corner, Virginia.