By David Winzelberg, Long Island Business News
RXR Realty has received $53.9 million in construction financing for its Village Square mixed-use project in downtown Glen Cove.
M&T Bank provided the construction-to-permanent mortgage loan.
The redevelopment will bring 146 rental apartments and 17,500 square feet of retail space to the 2.8-acre site on Brewster Street.
Currently being built, the project was originally going to be developed by Great Neck-based Jobco Realty and Construction, but was sold to Uniondale-based RXR instead. Vision Long Island had honored the Jobco project, then called Glen Cove Piazza, with “creating a sense of place.”
Village Square is within walking distance to RXR’s $1 billion Garvies Point development. That project, also under construction, aims to transform a 60-acre site on Glen Cove Creek formerly occupied by heavy industry and junkyards into a mixed-use community with 1,100 residences, about 75,000 square feet of retail and office space and 28 acres of waterfront esplanades and parks.
“We expect Village Square to generate significant market demand as these units will include many similar high-end finishes found within RXR’s Garvies Point project on Glen Cove’s waterfront, while also offering downtown walkability,” Jason Lipiec, M&T Bank’s Long Island market president, said in a company statement.
The RXR platform manages 61 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.5 billion, comprising approximately 24.4 million square feet of commercial properties, inclusive of a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.