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.
Those figures put the loan-to-value at just about 54%, but the developers are said to be working out a deal for an additional equity contribution from a Chinese insurance company — no surprise amid the wealth of Asian capital that continue to flow into the US, particularly into New York City.
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.