Commercial

Developer Reaches Tentative Deal for Union Financing of Crown Heights Project

AFL-CIO mutual fund may provide loan for Ian Bruce Eichner’s 1.2 million-square-foot residential project.

Veteran developer Ian Bruce Eichner, who has hit numerous highs and lows in his 40-year career in real estate, has taken a big step toward his latest dream: a $500 million, 1.2 million-square-foot residential project in Crown Heights that would set aside half of its units as affordable housing.

Mr. Eichner has a tentative deal to obtain construction financing for the project from the AFL-CIO Housing Investment Trust, he said, which is a mutual fund that invests for union pension funds. As part of the deal, the project would only use union workers, a major goal for organized labor in a city that is losing its status as a union town.

Read Article at Wall Street Journal

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