Bank of America lends $200m for Manhattan condo project

Bank of America has provided $200m in financing for a development project in Manhattan’s Tribeca neighborhood where related companies plans to build a 152,000 sq ft condominium building.

Last year Related paid $115m to the New York-based Ponte Family for a six-parcel development site at 264, 266, 268 and 270 West Street, 33 and 35 Desbrosses Street, which according to reports at the time allowed for more than 171,769 sq ft of development rights.

Last year, the city administration approved plans to demolish five buildings that stood across the adjacent sites and Related is in the midst of developing a 152,000 sq ft condominium building with about 46 units, slated for completion in early 2017.

In December 2011, Related bought partial interest in a seventh adjacent development parcel at 460 Washington Street to build a 10-story, 141,000 sq ft residential building. The New York City Housing Development Corporation provided a $100m construction loan for the project in June 2013.

Stephen Ross-led Related Companies is one of the largest owners of residential rental properties in New York with more than 7000 units. In 2008, the firm was assigned to develop the massive, 28-acre Hudson Yards on the far west side of Manhattan.

In 2010, the company launched a fund management platform to manage equity and debt capital on behalf of sovereign wealth funds, public pension funds, endowments and family offices.

Bank of America and Related Companies did not respond to requests for comment in time for publication.