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Time Equities Lines Up Nearly $400M

NEW YORK CITY-The financing will support 50 West St., a mixed-use project that has been in the works for some time but ground to a halt during the economic downturn.

By Rayna Katz | Updated on August 28, 2013

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.

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