The World Wide Group and Rose Associates secured a key construction loan for its 65-story rental and condominium tower at 252 East 57th Street Thursday, the firm announced.
The closing on the $450 million loan — the largest such financing of 2014 so far, according to World Wide — is seen as a key development in moving the project forward. Starwood Property Trust provided single-partner financing for the mega loan.
Hunton & Williams represented World Wide Group in the financing deal, while Andrew Singer served as advisor. Sidely Austin’s Robert Golub represented the lender.
The 700-foot tower will offer 93 condominium units and 173 rental apartments, along with 33,000 square feet of retail space, and is being marketed by Stribling Marketing & Associates. Construction is already underway, and sales are slated to kick off in the second quarter of 2014. Stribling Marketing & Associates is handling sales and marketing for the development. — Julie Strickland