Greenburger Set to Construct A ‘Legacy’
Developer Francis Greenburger of Time Equities has secured $400 million in financing to move forward with a Helmut Jahn-designed downtown Manhattan residential tower at 50 West Street.
The Wall Street Journal reported last night that the financing gives the developer the go to begin construction on the long-stalled 63-story residential project, which will overlook Battery Park and the Hudson River, in the fall.
“This is clearly a defining, legacy project for us,” Mr. Greenburger told the publication.
PNC Bank is the leader of a $288 million loan, with partners including Wells Fargo & Co., M&T Bank Corp., Union Bank N.A., MidFirst Bank and Emigrant Savings Bank.
The Mortgage Observer broke news of that financing deal earlier this month.
The developer later secured another $110 million in equity financing came from hedge-fund management firm Elliott Management, the WSJ noted.
Plans at the site stalled with the recession, but the financing is a sign of a loosened lending climate, according to the publication. In the second quarter, the total value of residential and commercial construction loans held by about 7,000 banks and institutions increased for the first time since the crisis hit, up 0.4% from the previous quarter to $202.5 billion, according to data from Trepp LLC.
The project will be mostly condos, with restaurant space, ground-level retail, a floor of office space and amenities like a gym and play area. Original plans called for a hotel component, but those plans were scrapped, and the sixth floor will house mechanical equipment in response to Hurricane Sandy.
Completion is slated for 2016.