Search
 

$700M Funds II River Place Construction

NEW YORK CITY-The two 58-story towers, spearheaded by Larry Silverstein, will feature 1,359 apartments and 21,000 sf of retail. It is the second phase of a 2.3-million-sf plan.

By Melissa Kress | Updated on August 07, 2007

(Read more on the debt and equity markets.)

NEW YORK CITY-Six years after I River Place reached completion, $700 million is now in place to fund the construction of II River Place. All total, the luxury residential project will contain 2.3 million sf.

Cushman & Wakefield Sonnenblick-Goldman LLC acted as the financial advisor for project developer Larry Silverstein, in what may be the largest single residential construction loan to close. According to a statement from CWSG, the loan will be led by the Bank of New York and the Allied Irish Bank. New York State Housing Bonds will finance a major portion of II River Place, with the 107 corporate units included in the plan set to be financed conventionally, CWSG says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.