JPMorgan Lends $365M on Two Trees’ Domino Sugar Refinery Towers
By Andrew Coen December 29, 2022 2:37 pm
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Two Trees Management has landed $365 million of financing for two residential towers that are part of the developer’s long-planned Domino Sugar Refinery redevelopment in Williamsburg, Brooklyn, according to property records.
Two Trees, under the entity 346 Kent, received a $186.4 million construction loan from JPMorgan Chase for the two-tower project at 346 Kent Avenue. The developer, under the name Domino Development Partners, also received a $118.9 building loan million from JPMorgan for the project, which will scale 565 feet tall.
In addition, Two Trees received $60 million of project loans as part of the transaction, The Real Deal reported.
David Lombino, Two Trees’ managing director for external affairs, said 346 Kent will encompass 600 total apartments with some units designated as affordable housing. The two towers will rise 50 and 55 stories at the south end of the Domino site, next to Williamsburg Bridge. The buildings are slated for delivery in 2025.
Two Trees acquired the 11-acre former sugar refinery factory at 292-314 Kent Avenue in 2012 from the Community Preservation Corporation for $185 million with early plans for 2,220 apartments. The developer later expanded its proposal in concert with SHoP Architects to spend roughly $250 million to add 600,000 square feet of commercial space and increase the square footage of the project by 10 percent.
The overall development is expected to be completed in 2024. Two Trees has tapped CBRE (CBRE) to market the site’s 460,000 square feet of rentable office space.
Officials at JPMorgan did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
Correction: The story has been updated to reflect an additional $60 million of project loans Two Trees received for the project.
