Confirms Confidence in Tribeca Market and Developer El-Gamal's Vision for Extraordinary Property In Heart of the New Downtown's Remarkable Transformation
NEW YORK, May 19, 2016 /PRNewswire/ — In a major transaction that signals continued confidence in Manhattan's luxury residential market, real estate investor and developer Soho Properties announced it has secured $219 million in financing for the construction of its Tribeca condominium tower at 45 Park Place. Sharif El-Gamal, Soho Properties' Chairman and CEO, made the announcement.
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The financing for the 665-foot tall glass and steel tower, which will commence construction this summer and be completed in 2018, was provided by an international consortium of lenders. The construction financing is comprised of a $174 million senior construction loan and a $45 million mezzanine loan.
"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. Our vision for the neighborhood and location is validated by our lenders' confidence in the market and enthusiastic support for 45 Park Place," Mr. El-Gamal said. "It is an honor to contribute 50 exceptional residences to the continued transformation of the New Downtown and Tribeca. We believe in the increasing value of this location, and we are humbled to play a role in bringing a new era of life, success, beauty and prosperity to the New Downtown, contributing to the neighborhood's extraordinary new energy and continued reinvention."
The $219 Million in construction financing is provided by an international syndicate of lenders, with Malayan Banking Berhad, called Maybank (South East Asia's fourth largest bank) and Warba Bank (Kuwait) serving as joint Lead Arrangers and Intesa Sanpaolo (Italy) as Documentation Agent. The $45 Million mezzanine funding has been provided by MASIC, a leading Saudi Investment company owned by Al Subeaei Family.
Maybank's Group Head of Global Banking, Dato' Amirul Feisal Wan Zahir, said that the Group's appointment as one of the two leaders of the financing consortium was a reaffirmation of Soho Properties' trust in Maybank's ability to undertake this exercise.
"As one of Asia's leading banking groups, we have been at the forefront in financing major infrastructure and property development projects across many countries. We are confident that with Sharif El-Gamal's strong leadership, this unique project will be a success and enhance the skyline of New York, particularly the character of New Downtown. Indeed, Maybank is proud to lend our name to this landmark transaction."
"It is an honor to collaborate with such an incredible team of financiers to bring this project to life. We are confident in the economics of the deal and the strength of the submarket," said Shaheen Al Ghanem, CEO of Warba Bank. Al Ghanem further elaborated, "Since its inception, Warba bank has been at the forefront of structuring, arranging and funding unique projects on the local, regional and international levels. Our participation in this project stems from our deep interest to reinforce the position of the bank internationally, and our commitment to provide the bank's distinguished corporate and retail clientele with bespoke, first class banking services."
According to Intesa Sanpaolo, "The remarkable combination of Soho Properties' deep knowledge of the New York real estate market and the talent of the many Italian designers involved gives us confidence that this project will be a market maker."
"It gives us great pride to be market makers of a new Mezzanine investment in New York. Since the founding of MASIC, we have been keen on developing the investment arena and introducing new investment ideas that comply with our tradition and principles. From the creation of Bank Al Bilad to the establishment of the largest independent investment company in KSA (Jadwa), we have always been keen on growing the market for sound investments. Our participation in the financing of 45 Park Place comes as a continuation to that desire. We are also keen on investing in the United States and find the real estate market very attractive and are determined to add more investments with trustworthy partners,"said Ihsan Bafakih CEO of MASIC.
"The investment in 45 Park Place comes as evidence to our determination to expand our investment in the US through real estate investment vehicles. 45 Park Place is another landmark deal after the success witnessed in our investment in the South Bank Tower in London,"said Amro Nahas Head –Real Estate Investments, MASIC.
The 43-floor 45 Park Place, designed by architect Michel Abboud of SOMA Architects with Ismael Leyva Architects as the architect of record, will offer residents unparalleled panoramic views of Manhattan from its location at the southern edge of the Tribeca Historic District. Featuring interiors and amenities designed by Piero Lissoni, the tower will be neighbor to a museum and public green space designed by Pritzker-Prize award winning architect Jean Nouvel. Construction is expected to begin in summer of 2016, with delivery of the tower in 2018. Stribling Marketing Associates will serve as exclusive sales and marketing agent for 45 Park Place.
About Soho Properties:
Soho Properties, Inc. is a commercial real estate investment firm and owner of office, multi-family and retail developments founded by Sharif El-Gamal in 2003 in New York City. The Soho Properties team arranges and participates in real estate investments in office, residential and retail property markets in New York City, generating opportunities for its clients through the acquisition of both single assets as well as portfolios, and has executed over $1 billion in New York City transactions since its inception. Soho Properties recently announced plans for a $300 Million development of a new hotel and retail offering in Times Square.
About MASIC:
Mohammed Ibrahim & Sons Investment Company (MASIC) is a Saudi Closed Joint Stock Company with its headquarters in Riyadh, Saudi Arabia. Since 2006, MASIC has transformed from a traditional family investment business to a professional investment company deploying world-class investment practices. MASIC operates through three main divisions: Real Estate, Private Equity and Asset Management. MASIC is one of the largest investment companies in Saudi Arabia with an extensive portfolio of investments locally and globally featuring financial services, real estate, agricultural, manufacturing, industrial and retail. In recent years, MASIC has been involved in some landmark real estate deals, including the redevelopment of London's iconic South Bank Tower in which MASIC provided GBP 145 million of funding through the biggest Shariah compliant mezzanine facility in the United Kingdom and has invested and developed many assets in Saudi Arabia, the US and Europe in residential, commercial and retail. MASIC has always strived to create long term partnerships with reputable institutions that share its values.
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