Soho Properties Lands $219M Financing for Trophy Condo Tower
- May 19, 2016
New York—Tribeca will be getting more luxury residences thanks to $219 million in construction financing for the development of 45 Park Place, a condominium tower from Soho Properties.
An international consortium of lenders provided the financing for the 665-foot-tall glass and steel tower, which will start being built this summer and be completed in 2018.
The lead arrangers for the financing were Malayan Banking Berhad (Maybank) and Kuwait-based Warba Bank, which provided a $174 million senior construction loan. Italian bank Intesa Sanpaolo served as the documentation agent. MASIC, a Saudi investment company provided the $45 million mezzanine financing. The New York branch of Maybank was represented by law firm Reed Smith in the transaction.
“We are extremely honored to be working with such a diverse and influential group of international lenders to bring this remarkable contribution to the evolving skyscape of the New Downtown to life. Our vision for the neighborhood and location is validated by our lenders’ confidence in the market and enthusiastic support for 45 Park Place,” said Sharif El-Gamal, Soho Properties’ chairman & CEO. “It is an honor to contribute 50 exceptional residences to the continued transformation of the New Downtown and Tribeca.”
Madison Realty Capital also provided $33 million in financing for the project in September 2014.
The 43-floor 45 Park Place will feature the design work of several notable architects. Michel Abboud of SOMA Architects is designing the tower, with Ismael Levya Architects as the architect of record. Renowned Italian architect Piero Lissoni will design interiors and amenities, which include 50 residences that come in one- through four-bedroom floor plans on floors six through 43, with full-floor layouts on floors 24 to 39 and two multi-floor penthouses on the top four floors.
Luxury amenities will include a fitness center, lounge and children’s room and a 50-foot indoor pool. The plaza, green space and other public components are designed by Pritzker Prize-winning French architect Jean Nouvel, including the development of an Islamic cultural museum at 51 Park Place, where El-Gamal’s plans for a 15-story Islamic center folded in 2011.
Stribling Marketing Associates will be the exclusive sales and marketing agent for the project.
Rendering courtesy of Williams New York