Toll Brothers Nails Down $144M Financing for Tribeca Luxe Condo Development


Tokyo-based Mitsubishi UFJ Financial Group (MUFG Union Bank) led a syndicate of banks in providing Toll Brothers with a $144 million construction financing package for its planned Tribeca luxury condo development named 91 Leonard, according to records filed today with the city’s Department of Finance.

The package includes a $41.1 million senior loan, a $61.8 building loan and a $41 million project loan provided by a syndicate of banks, including MUFG Union Bank, CIT Bank and Santander Bank, a source with knowledge of the deal confirmed. The source declined to provide the terms of the transaction, which closed on Oct. 31.   

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Earlier this month, Toll Brothers City Living and the U.S. division of Shanghai Municipal Investment announced its joint-venture plan to develop the 19-story, 111-unit luxury condominium at 351-357 BroadwaySMI USA paid $73 million for a 75 percent stake in the condo project, according to records filed Monday with the Department of Finance. Although the land technically runs from 351-357 Broadway, the finished project will essentially be situated between Broadway and Church Street.

Toll Brothers bought the sites in 2015 for $21 million, property records show. The condo project is being designed by Skidmore Owings & Merrill and Hill West. The buildings interiors are being designed by New York-based Whitehall Interiors.

Condominium prices at 91 Leonard run from $750,000 for a studio residence to $10.5 million for a four-bedroom, four-and-a-half bathroom penthouse, according to the property’s website.

Officials at MUFG Union Bank did not respond to a request for comment, and representatives of CIT Bank and Santander Bank did not immediately return a request for comment on the deal. A representative of Toll Brothers declined to comment beyond a press release announcing its joint-venture with SMI USA from earlier this month.