$75M Funds 413-Unit Soho Condo Project

NEW YORK CITY-Lowe Resort Finance Investment Partners, a discretionary investment fund managed by Los Angeles-based Lowe Enterprises Investors, has provided $75 million in mezzanine financing to a joint venture between Bayrock Group and Sapir Organization for the development of the 413-unit Trump Soho. The condominium-hotel project is rising in the Soho district of Manhattan.

“Trump Soho is located in a world-renowned area where unit owners and guests will enjoy some of the best urban amenities that New York has to offer,” says John Lustgarten, VP of LEI, who represented the fund. “The project is backed by a strong team that is capitalizing upon the wide international appeal of New York and the Trump brand.”

The 43-story Trump Soho, located at 246 Spring St., is currently under construction, with completion expected in early 2009. The contemporary, luxury project will feature an outdoor sundeck and pool, spa, elegant lobby bar and restaurant, as well as approximately 12,000-sf of meeting space. Trump Soho engaged Handel Architects to create the tower design and the Rockwell Group to create a signature look for the interior.