Posted Dec 1, 2018, 7:15 AM
|
 |
NYC/NJ/Miami-Dade
|
|
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,840
|
|
SL Green lands $225M construction loan for Lower Manhattan apartment tower
Quote:
SL Green Realty picked up a $225 million construction loan for its planned rental tower in Lower Manhattan.
Singapore lender United Overseas Bank and the German bank Helaba provided the construction financing for the 209-unit development at 185 Broadway, SL Green announced Friday.
The company plans to go vertical on construction of the 31-story, 260,000-square-foot mixed-use building in the first quarter of next year.
SL Green managing director Brett Herschenfeld said 185 Broadway “will be the first building to be constructed in Lower Manhattan under the City’s new Affordable New York Housing program” and that the company will deliver a flagship retail store at the base.
An Ackman-Ziff team headed by Marc Sznajderman, Romano Tio and Simon Ziff advised SL Green in securing the financing.
The project will receive a 35-year tax abatement, and will include a mix of studios and one-, two- and three-bedroom apartments. Architecture firm FX Collaborative has designed the building, which is scheduled to be completed in 2021.
|
====================
TRD
|