Triangle Equities has secured up to $140 million in financing for the first phase of the $200 million Lighthouse Point project on the St. George waterfront of Staten Island, New York.
The mix of private and public sector financing includes $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million in loans from Empire State Development and $6.2 million of capital from New York City. Triangle and partner Lubert Adler provided additional equity.
The project also received $35.5 million in tax credits from the US Treasury’s New Markets Tax Credit (NMTC) program via United Funds Advisors (UFA), Goldman Sachs and CCG Community Partners (CCG). UFA is also providing up to $20 million of take-out EB-5 financing.
The mixed-use project’s first phase, slated for completion in 2017, includes nearly 65,000 sq ft of retail and office space, a 116-unit, 12-story residential rental tower with approximately 116 rental units, an acre of waterfront public open space and a 300-space parking garage.
Shared workspace provider Regus has signed a 15-year lease as anchor tenant, taking 30,000 sq ft. Triangle plans to bring a mix of retail, restaurants, outdoor eating and entertainment space.
After the first phase, the developer will rehabilitate four existing structures and multiple underground vaults on the site. This will allow for more than 23,000 sq ft of additional restaurant, office and hospitality space, including a new 145,000 sq ft, 175-room hotel tower with 15,000 sq ft of event space.
“The complex is listed on the National Register of Historic Places and Triangle and its team plan to restore the property’s sense of history, while also incorporating the historic structures for modern uses,” the developer said in prepared statements.
Twenty percent of the residential units have been designated as “permanently affordable” for New Yorkers earning 60 percent or less of the area median income, reflecting Mayor Bill de Blasio’s commitment to creating 200,000 affordable housing units across New York City.