Shvo secures $40M from Indian billionaire for 125 Greenwich

Developer has lined up $240M of equity and debt for 77-story condo tower
October 29, 2014 01:05PM

Indian billionaire Dilip Shanghvi, founder of global pharmaceutical firm Sun Pharma, invested $40 million in Michael Shvo and Bizzi & Partners’ 77-story condominium project at 125 Greenwich Street in the Financial District, Real Estate Weekly reported.

Howard Michaels’ Carlton Group brokered the debt and equity financing for the project.  Shvo partnered with a wide range of investors to raise $240 million in funds, and closed on the site in August, as The Real Deal reported.

A partnership of Fisher Brothers and the Witkoff Group sold the site to Shvo for $185 million. Howard Lorber’s investment company New Valley and an unidentified Chinese public company provided some equity, while a Singapore bank along with an Indian private equity firm provided $170 million in debt financing.

Of the 128 proposed condo units, 10 will be full-floor penthouses. The top unit is slated to be a 10,600-square-foot duplex, as previously reported. [REW]Mark Maurer