Victor Group and Lendlease can forge ahead with their condominium project at 281 Fifth Avenuefollowing a new $369 million debt and equity injection.
The companies landed $100 million in new preferred equity from May Bao Ltd., a subsidiary of real estate giant Beijing Capital Development Holdings Co.
In addition, they secured a $269 million construction loan from a consortium of Singaporean banks, led by United Overseas Bank, the same lender behind projects such as the MoMa Tower and 200 East 59th Street. Overseas Chinese Banking Corporation and DBS Bank also participated.
The Wall Street Journal first reported the news of the financing deals.
The 700-foot-tall Rafael Vinoly-designed tower is slated to comprise 130 condo units and 10,000 square feet of retail space. It’s expected to be completed by 2019.
Read more by clicking below image