United Overseas Bank preparing term sheet to finance FiDi supertall
The developers of a supertall Financial District condominium tower at 125 Greenwich Street are in advanced talks to land just north of $500 million in construction financing, separate from a round of EB-5 funding, The Real Deal has learned.
The lender, sources said, is Singapore’s United Overseas Bank, which would provide a three-year construction loan with a one-year extension option. The developers, Bizzi & Partners, Michael Shvo’s SHVO and Howard Lorber’s New Valley LLC, have yet to sign a term sheet, but are in advanced discussions, according to sources familiar with the financing.
The prospective lender has plans to syndicate the massive debt deal, though no other lenders are involved at this time, those sources said.
U.O.B. originated a $135 million land loan for 125 Greenwich in August 2014, property records show. The new construction loan will replace the acquisition financing and provide the sponsors with roughly $375 million in additional funding for the development project.
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