30 Morningside Drive and Michael Shah
Firm plans to convert five-building complex into 205 upscale rentals
Israeli road show veteran Micheal Shah raised $52 million in a bond issuance on the Tel Aviv Stock Exchange to finance a $250 million redevelopment project in Morningside Heights. The total falls short of Shah’s $63 million offer, and carries a fixed interest rate of 6.15 percent, the maximum allowed under the terms of the offer.
Shah planned to finance the project — which would convert a five-building complex at 30 Morningside Drive to high-end rentals — with a combination of a roughly $130 million construction loan, $70 million in bonds raised in Tel Aviv, and $50 million from capital sources, including EB-5 money, according to a bondholder presentation.
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