$164M Loan Funds Predevelopment Costs

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NEW YORK CITY-The local office of Holliday Fenoglio Fowler LP has arranged a $163.5-million acquisition and predevelopment loan for a nearly 1.1-million-sf condominium interest in 375 Pearl St. in Downtown. The borrower, a JV between Taconic Investment Partners LLC and Square Mile Capital LLC closed on the acquisition only a few weeks ago as GlobeSt.com reported.

Evan Pariser, managing director of HFF, tells GlobeSt.com that the loan proceeds were not only used for the acquisition, but also used “for the completion of the predevelopment hard and soft costs, which the sponsors are working on.” He also notes that being able to secure this financing in this “volatile and capital deprived market speaks highly to the reputation and expertise of the sponsors and the capital markets belief that their business plan is a sound and well conceived investment.”