

A trio of lenders has provided a development group with $445m in construction financing for a planned 58-story condo tower in Manhattan’s Tribeca neighborhood.
Deutsche Bank, M&T Bank and Blackstone Real Estate Debt Strategies reportedly provided a five-year loan with extension options to Fisher Brothers, Witkoff Group and Vector Group on the $820m building rising at 111 Murray Street, aptly named 111 Murray.
The developers purchased the site from St. John’s University in December of 2013 for $223m, following the school’s decision to relocate to the first and second floors (71,000 sq ft) of Edward Minskoff’s 51 Astor Place, which recently nailed down a $400m refinancing.
The Kohn Pedersen Fox Associates-designed 792-ft luxury tower 111 Murray will feature 157 units, from one-bedrooms to full-floor penthouses ranging  ranging in price between $2-$17.5m. There will also be more than 20,000 sq ft of amenities. Work on the foundation is imminent and construction should be complete in 2019.