A Renzo Piano-designed luxury condominium at 100 Varick Street could become the first major New York development to get debt, equity and mezzanine financing all from China. The developers’ turn to the country comes as U.S. lenders increasingly shy away from funding luxury condo projects.
Bizzi & Partners Development, Halpern Real Estate Ventures and Aronov Development are raising EB-5 funds for their 115-unit, 320,000 square-foot luxury condo development in Soho, according to a press release from Wailian Overseas Consulting Group, a prominent Chinese EB-5 placement agency. The developers already secured a $320 million construction loan from Bank of China and a $135 million equity investment from Cindat, the U.S. subsidiary of Chinese investment firm Cinda Asset Management.
Read more by clicking below image