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Partnership Fund invests in nonprofit Greenpoint Manufacturing and Design Center as part of $40M Financing for Queens factory project

“Greenpoint Manufacturing and Design Center, led by chief executive officer Brian Coleman, has inked financing totaling $40 million from three lenders to acquire and redevelop an industrial project in Ozone Park, Queens, according to documents filed today with the city.

The intricate accounting behind the project, at 94-15 100th Street, also includes public grants and tax breaks. The deal was arranged in-house at GMDC, which has a development staff of only three people, without the help of a broker.

Drawing on financing from Sterling Bank, Chase Bank and the Partnership for New York City, Coleman’s nonprofit purchased and plans to redevelop the 85,000-square-foot bicycle factory into a multi-tenant manufacturing building. The project, slated for completion in spring 2019, will feature units from 1,200 to 9,000 square feet, which tenants will be able to subdivide or combine to accord with their needs, GMDC said. Read more