DDG Gets $153M Loan For Carnegie Hill Resi Tower Construction


M&T Bank provided Joe McMillan’s DDG Partners and real estate investment firm Global Holdings with a $153 million loan on a residential development in Carnegie Hill, Commercial Observer can first report.

Proceeds of the financing, which closed on Dec. 21, will be used to construct a 31-story condominium tower at 180 East 88th Street between Third and Lexington Avenues.

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The latest filings with the New York City Department of Buildings indicate that the tower will house 48 condo units, and the reported sellout estimate for the project is $308.2 million.

Mr. McMillan’s Tribeca-based development firm acquired the site, along with 1558-1560 Third Avenue between East 87th and East 88th Streets, from Muss Development for roughly $70 million in 2013, as Commercial Observer previously reported. The parcels, which have connecting rear lots, housed two vacant five-story apartment buildings, which have since been razed. (It was not immediately clear when Global Holdings joined DDG as a partner).

M&T provided the borrower with a $47.5 million acquisition loan in December 2013, according to city records.

Representatives for DDG and Global Holdings did not immediately respond to requests for comment. A representative for M&T declined to comment.