Times Equities Secures Nearly $400M for Lower Manhattan Condos
- Aug 28, 2013
By Jessica Fiur, News Editor
New York—Time Equities has announced that it has secured $398 million in financing for a 63-story, mixed-use condominium building in Lower Manhattan.
The building, called 50 West Street, will feature a public pedestrian walkway, which is being designed to integrate with New York City’s planned West Thames Pedestrian Bridge.
50 West Street is being built to achieve LEED Silver certification. Other green features will include a natural-gas-powered emergency generator on the 4th floor.
“50 West Street will be an iconic tower for the City and a legacy project for Time Equities,” Francis Greenburger, chairman of Time Equities, says. “It will join the World Trade Center in defining the new Downtown skyline for generations to come.”
Times Equities partnered with Elliott Management, which will be investing $110 million in the project, to acquire financing. Additionally, PNC Bank led a $288 million construction loan syndication effort. The lending group also includes Well Fargo, M&T Bank, Union Bank, MidFirst Bank and Emigrant Bank.
Though Time Equities has owned the project site since 1983, it had not planned on starting development until 2008; however, because of the financial crisis the project was put on hold until now.
Construction of 50 West Street is expected to begin in 2016.