NEW YORK CITY-Underscoring the loosening up of the credit markets—and lenders in general—as the economy recovers, Time Equities has secured construction financing for 50 West St., a new 63-story, mixed-use retail and residential condominium tower.
The company has raised a total of $398 million for the project. Elliott Management, a global investment fund led by Paul Singer, with more than $21 billion under management and headquartered in New York City, has joint ventured with Time Equities and will be investing $110 million. Cushman & Wakefield's Steve Kohn, president, Chris Moyer, director and Dave Karson, executive managing director—all in the equity, debt and structured finance group—arranged the partnership.
In addition, PNC Bank led a $288 million construction loan syndication effort. The lending group includes Wells Fargo, M&T Bank, Union Bank, MidFirst Bank and Emigrant Bank. Time Equities arranged the construction financing directly with PNC Bank. The bank was advised on the deal by the law firm of Morrison & Foerster's Mark Edelstein, chair of the real estate practice, along with real estate partner Chris Delson.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
