Industry News

Soho Properties receives $219 million for 45 Park Place tower

Maybank and Warba Bank lead $219 million loan for Tribeca condo construction
  • The company's secured $219 million to put toward construction of a high-rise residential condo property in Tribeca.
  • 45 Park Place, standing 43 floors, will hold 50 high-end condominium units.
  • Michael Abboud of SOMA Architects is the lead designer, and Ismael Leyva Architects will act as the architect of record.

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45 Park Place rendering/Soho Properties Soho Properties Chairman and CEO Sharif El-Gamal recently announced the company's securing of $219 million to put toward construction of a high-rise residential condo property in Tribeca. "We are extremely honored to be working with such a diverse and influential group of international lenders to bring this remarkable contribution to the evolving skyscape of the new Downtown to life,” El-Gamal said in a statement. “Our vision for the neighborhood and location is validated by our lenders' confidence in the market and enthusiastic support for 45 Park Place.” Malayan Banking Berhad (Maybank) out of Malaysia and Kuwait-based Warba Bank are the lead arrangers of the $174 million senior construction loan. Intesa Sanpaolo of Italy acts as the Documentation Agent. The remaining $45 million to finance the mezzanine level is provided by MASIC, a Saudi Investment company. 45 Park Place, standing 43 floors, will hold 50 high-end condomini...