World Wide Group lands $450M loan for 252 East 57th Street

Mixed-use building to include 93 condos, 173 rental apartments

TRD New York /
Feb.February 20, 2014 01:35 PM

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


Related Articles

arrow_forward_ios
Starwood Capital CEO Barry Sternlicht, the Chatsworth at 344 West 72nd Street and HFZ Capital chairman Ziel Feldman (Google Maps; Getty)

Starwood suing HFZ for $157M over co-op conversion loan default

Starwood suing HFZ for $157M over co-op conversion loan default
Barry Sternlicht (Getty, iStock)

Barry Sternlicht on 1031s: Kill them

Barry Sternlicht on 1031s: Kill them
Starwood Property Trust CEO Barry Sternlicht (Getty)

Starwood Property Trust looks to offload $2B loan portfolio

Starwood Property Trust looks to offload $2B loan portfolio
Barry Sternlicht (Credit: Leon Bennett/Getty Images, Spencer Platt/Getty Images, iStock)

“When it’s really ugly, it’s a good time to invest”: Sternlicht on Starwood’s hunt for opportunities

“When it’s really ugly, it’s a good time to invest”: Sternlicht on Starwood’s hunt for opportunities
An illustration of Chairman of Starwood Capital Group Barry Sternlicht (Credit: iStock)

Sternlicht on retail’s woes: Tenants have done “incredibly shitty job” running stores

Sternlicht on retail’s woes: Tenants have done “incredibly shitty job” running stores
Barry Sternlicht and Lord & Taylor’s Fifth Avenue

Sternlicht gets political on earnings call

Sternlicht gets political on earnings call
“The only thing we worry about is the calamitous recession”: Barry Sternlicht tells analysts in Q2 earnings call

“The only thing we worry about is the calamitous recession”: Barry Sternlicht tells analysts in Q2 earnings call

“The only thing we worry about is the calamitous recession”: Barry Sternlicht tells analysts in Q2 earnings call
Starwood earnings down 30% as REIT writes off losses from regional malls

Starwood earnings down 30% as REIT writes off losses from regional malls

Starwood earnings down 30% as REIT writes off losses from regional malls
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...