TODAY’S DEALS: Moinian Lands Construction Loan for 60-Story Manhattan Tower
The Monian Group lands construction financing for Manhattan's largest apartment under construction; and Dougherty Funding closes a $17.3 million loan for a South Dakota assisted living facility.
New York—The Moinian Group’s has landed a $539 million construction loan for its 1.6 million-square-foot luxury rental tower at 605 West 42nd Street in New York. Financing for the 60-story, 1,174-unit apartment asset is being provided by the New York State Housing Finance Agency with credit enhancement from Bank of China and Ullico. The developer also announced that SL Green has signed on as an investor in the project, though a specific investment value has not been disclosed.
“605 West 42nd Street is going to be a shining example of a large-scale, out-of-the-ground residential development that realizes a bold vision—pushing the limits of luxury and convenience to create not only a living space, but a lifestyle,” says CEO Joseph Moinian. “We are gratified to partner with the finest financial institutions in the world as we move forward.”
The development is scheduled to reach completion in 2015. Plans call for 939 market-rate units and 235 affordable apartments. Amenities include a health club with indoor and outdoor pools and spas. There will also be a grand lobby, lounges, lobby space, a restaurant and about 20,000 square feet of landscaped terrace and deck space.
Dougherty Funding closes assisted living construction loan
Rapid City, S.D.—Dougherty Funding LLC has closed a $17.3 million new construction loan for a 101-unit, three-story assisting living facility in Rapid City, S.D. Known as Skyline Pines, the project will be constructed on an elevated 40-acre parcel of land set back from Rushmore Road, about a half-mile east of the Rapid City Regional Hospital. The Villages at Skyline Pines LLC is the borrower.
Resident amenities at the facility are planned to include a retail/general store, bank, beauty salon, community living area/lounge room, and business offices on the first floor. The second floor core area includes a chapel, craft/activities room, general purpose activity room, wellness area, community dining room with commercial kitchen and a bistro. Each memory care wing will have a serving kitchen with dining area, lounge areas and nurse medical stations. Resident units will be situated on all levels of the facility.
