Feed

Financing

By Billy Gray 5/16 8:00am

Financing

Renderings of the Four Seasons at 30 Park Place

Silverstein Secures Financing for 926-Foot Lower Manhattan Hotel, Condo

Silverstein Properties has secured financing for a 926-foot, 82-story Financial District tower at 30 Park Place that will house a Four Seasons hotel and condominium.

The Children’s Investment Fund Management provided financing for the $950 million project with a $660 million loan to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. 30 Park Place will be the tallest residential building in lower Manhattan. Read More

By Daniel Geiger 7/27/12 3:34pm

Financing

Four World Financial Center

Brookfield Slaps New $270 Million Loan On 4 WFC

Brookfield Properties has completed a $270 million refinancing of Four World Financial Center, the 1.9 million square foot office tower it owns as part of the World Financial Center Complex in Lower Manhattan.

The deal was done by a group of banks a source said, including Deutsche Bank, which is listed in city records as providing the loan but was part of a syndicate according to the source. The source said Deutsche Bank provided a quarter of the debt, about $68 million. Read More

By Daniel Geiger 7/24/12 5:47pm

Financing

Seth Pinsky

Build NYC Approves $75.6 Million In Financing

Build NYC, a New York City-sponsored low-cost financing facility for real estate developments undertaken by non-profits and academic institutions, approved $75.6 million of new loans this morning for four projects.

The Seaview Senior Living Housing Development Fund Corporation, received approval for a $33.6 million loan it will use to build a 103,000-square-foot, 188-bed assited living facility, an ancillary building and renovate an existing property in the Willowbrook neighborhood on Staten Island. Read More

By admin 5/09/12 8:30am

Financing

Main Hall

Wagner College Receives $15 Million Through Build NYC

Wagner College will receive $15 million in funds to renovate two buildings on its Staten Island campus through a new lending facility that was introduced late last year by the city.

The debt was part of $37 million approved yesterday by the Economic Development Corporation, the city organization that oversees the funding vehicle, which is called Build NYC. Read More

By Daniel Geiger 4/10/12 1:44pm

Financing

Seth Pinsky

Build NYC Program Clears $90 Million Financing

The YMCA received approval from the city this morning to borrow $50 million of funds through a new debt facility being administered by the Economic Development Corporation.

Called Build NYC, the funding window allows non-profit groups to issue bonds to finance real estate development and other construction projects. The vehicle is not paid for by the city but private buyers of the bonds such as banks or other investors and offers below-market interest rates for the borrower because the proceeds on the debt are triple tax exempt. Read More

By Carl Gaines 2/29/12 3:53pm

Financing

900 Third Avenue. (Courtesy Property Shark)

Paramount to Acquire Stake in 900 Third Avenue

Paramount Group is the buyer set to acquire a 49 percent stake in 900 Third Avenue from Investa Office Fund, sources told The Commercial Observer. That stake was IOF’s final US property. The sale is set to close in late March 2012 and was announced in mid-February with a sale agreement of $172.7 million, though IOF didn’t disclose the buyer at that time.

“The sale of IOF’s interest in the New York asset will complete the fund’s exit from the US market in line with our stated strategy, at an overall premium of 9.4 percent to June book value,” IOF Fund Manager Toby Phelps said in a prepared statement. Read More

By Carl Gaines 2/27/12 1:00pm

Financing

dreamworks

Starwood, Blackstone Partner to Save Office Complex

Greenwich, Connecticut-based Starwood Capital has brought in Blackstone as a partner to save its investment in the 1.7-million-square-foot Pacific Shores Center office complex in Redwood City, Calif. The partners are now looking for a $275 million mortgage to get rid of the property’s overdue debt. Read More

By Daniel Edward Rosen 12/28/11 9:00am

Financing

9 West 57th Street

Solow Nabs $625M for 9 W. 57th Street

Billionaire landlord Sheldon Solow has locked up a $625 million loan from Deutsche Bank AG to help refinance a securities-backed debt tied to 9 West 57th Street that was slated to mature in February, sources confirmed.

The loan, which was first reported by Bloomberg.com last week, will be used as “ongoing capital” for 9 West 57th, a person familiar with the matter told The Commercial Observer.

Read More