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Developers of SoHo condo tower secure $320 million construction loan

The developers of a new luxury condo tower in SoHo that will be star architect Renzo Piano’s first residential project in the city have raised $450 million for the development.

Bizzi & Partners Development, Aronov Development and Halpern Real Estate Ventures secured a $320 million construction loan from Bank of China for a 290-foot tall, 115-unit condo the group is planning to build at 565 Broome St. The partners also sold a $135 million equity stake in the project to Cindat, a U.S. subsidiary of the Chinese investment firm Cinda Asset Management Co.

"Our partnership is now complete with the addition of Bank of China and Cindat, and this team’s commitment to 565 Broome St. is an endorsement of the continued strength and worldwide appeal of luxury real estate in Manhattan," Davide Bizzi, the CEO of Bizzi & Partners, said in a statement.

The developers broke ground on the condo building last month and aim to finish the project by 2018. Sales will launch later this year. They began assembling the development site, which spans the block along Varick Street from Broome to Watts streets, in 2014. In December, the partners closed on a neighboring site at 555 Broome St. for $9 million that allowed them to expand the building to 320,000 square feet.

The tower, which will have two spires, is designed by Renzo Piano, the architect who designed the new Whitney Museum in the meatpacking district.

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http://www.crainsnewyork.com/article...struction-loan