Sumitomo Mitsui Trust Bank has provided a $160 million loan on a large development site on the Upper West Side of Manhattan, Real Estate Capital has learned based on city property records.
The New York Branch of the Japanese bank provided the mortgage on the 200-208 Amsterdam Avenue site to a partnership of SJP Properties and Mitsui Fudusa America.
The developers plan to build what they claim will be the tallest building on the Upper West Side.
The 55-story, 600-ft residential tower of nearly 400,000 sq ft of luxury condominiums on the site, according to the SJP Properties website.
The terms of the most recent loan were not immediately available.
Manhattan-based SJP and the Japanese firm purchased the development site between West 69th and West 70th streets for $275 million in October 2015, records show.
SJP, led by Steven Pozycki, has developed over 25 million sq ft of office and residential space. The company also recently sold a non-controlling interest in 11 Times Square to Norges Bank.
Mitsui Fudosan America, the US investment arm of Japanese development firm Mitsui Fudosan, paid more than $250 million in December for a large stake in Related Cos. 55 Hudson Yards. The firm’s other holdings in the city include 1251 Sixth Avenue at Rockefeller Center and 160 Madison Avenue.
The lender and SJP were not immediately available to respond to requests for comment.