Posted May 18, 2016, 10:58 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 46,751
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Soho Properties gets construction loans from Malaysian, Kuwaiti, Italian and Saudi lenders
Quote:
Sharif El-Gamal’s Soho Properties has secured $219 million in construction loans for 45 Park Place in Tribeca, The Real Deal has learned, completing a quest for funds closely followed by those nervous about a tighter environment for residential financing.
Malaysian bank Malayan Banking Berhad and Kuwait-based Warba Bank are the lead arrangers on a senior construction loan of $174 million, with Italian bank Intesa Sanpaolo serving as documentation agent. MASIC, a Saudi investment firm led by the Al Subeaei family, is providing a $45 million mezzanine loan.
“Our vision for the neighborhood and location is validated by our lenders’ confidence in the market and enthusiastic support for 45 Park Place,” El-Gamal said in a statement.
The 43-story project is slated to rise 665 feet tall, with 50 apartments. SOMA Architects is designing the building, while Ismael Leyva Architects will serve as the architect of record. El-Gamal is also developing a three-story Jean Nouvel-designed Islamic museum adjacent to the tower.
The tower is slated to break ground this summer and be ready by 2018. Stribling plans to launch sales in late spring.
In November, the New York state Attorney General’s office approved the condo offering plan, which projects a total sellout of $391.9 million. Average asking prices will exceed $3,000 per square foot.
Several financial brokers who were not involved in negotiations told TRD said they expected El-Gamal to have a tough time locking in a loan of this magnitude. They noted that this will be Soho Properties’ first high-rise project, and U.S. banks are being very selective about lending for new condo projects.
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http://therealdeal.com/2016/05/18/el...45-park-place/
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