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NEW YORK CITY-Carlton Advisory Services has closed on $350 million in senior and mezzanine financing for construction of the Trump Soho. The financing was provided on behalf of Trump's partner on the project at 246 Spring St., the Bayrock/Sapir Organization LLC.
The first mortgage and mezzanine loan covers up to 80% of the costs of the Soho high rise. Lowe Resort Finance Investment Partners, a discretionary investment fund managed by Los Angeles-based Lowe Enterprises Investors, provided the $75-million mezzanine funding, as GlobeSt.com reported last week. There was no word from Carlton on who provided the senior financing.
Carlton chairman Howard L. Michaels and Carlton Hospitality Group president John Bralower worked with Carlton senior executives Michael J. Campbell, partner, and Steven Rock, senior vice president, on the financing package.
According to Carlton, Trump Soho will rise 46 stories in the Downtown Manhattan neighborhood. The amenities at the 400-unit project will include a restaurant, day spa, lounges, more than 12,000 sf of meeting space, and outdoor sundeck and pool with juice bar.
At the end of June, Donald Trump Jr. and Ivanka Trump told attendees of the Associated Builders and Owners of Greater New York's 27th annual BuildingsNY show that, at the time, the developers had foundation permits in hand and were just waiting on one more document. That document was expected shortly. Trump Jr. added that project should reach a selling price of $3,000 per sf, as GlobeSt.com previously reported.
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