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Old Posted Feb 15, 2013, 2:56 AM
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http://www.crainsnewyork.com/article...TATE/130219946

Related lands $390M in construction loans

By Daniel Geiger
February 14, 2013

Quote:
The Related Cos. has arranged two large financing deals for development projects it is working on in the outer boroughs, in another sign of an uptick of construction lending in the city.

Bank of America Corp., one of the most active major banks with the real estate industry in recent months, is leading a group of lenders in a $225 million credit that will fund an expansion of Related's Gateway Center retail mall in Brooklyn's East New York.

The project will add about 600,000 square feet to the complex, a development that opened in the early 2000s with 600,000 square feet of space and is anchored by Home Depot, Target and BJ's Wholesale Club. Construction on the second phase began in November.

PNC Bank and Sovereign Bank will partner with Bank of America on the construction loan.
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