JDS, PMG secure $725M loan for 111 West 57th St.

AIG, Apollo funding clears way for supertall condo tower

New York /
Jun.June 30, 2015 04:40 PM

Michael Stern’s JDS Development and Kevin Maloney’s Property Markets Group secured a $725 million construction loan from AIG and Apollo Global Management, paving the way for the rise of their supertall residential tower at 111 West 57th Street.

The $1 billion Billionaires’ Row spire will be among the tallest residential buildings in the Western Hemisphere upon completion in 2018, with a planned height of 1,438 feet and 80 stories.

AIG is the senior lender on the project, while Apollo is providing a mezzanine loan. AIG’s debt on the project stands at $400 million while Apollo’s mezzanine loan is for $325 million, sources told The Real Deal. The funding will allow JDS and Property Markets to refinance a $230 million loan provided by Annaly Capital, sources said.

JLL’s Aaron Appel, who represented the developers in the financing, declined to comment.

The combined loan expires in four years, which gives JDS and Property Markets time to sell the 60-unit building’s condos. Sales are expected to begin this fall, according to Crain’s, with the developers to begin erecting the SHoP Architects-designed tower in the coming weeks.

The lead investor in 111 West 57th Street – real estate investment firm Ambase Corp. – recently limited financing and initiated talks to reduce its stake in the project, The Real Deal reported in May. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
The Venetian and The Palazzo in Las Vegas. (Getty, The Venetian)
Sands Corp. leaving Las Vegas in $6B sale of properties
Sands Corp. leaving Las Vegas in $6B sale of properties
JDS Development's Michael Stern and 111 West 57th Street (JDS)
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
Tutor Perini's Ronald Tutor and Apollo's Leon Black (Credit: (Perini by Brian To/FilmMagic)
Acquisition talks for Tutor Perini dropped because of “volatile market conditions”
Acquisition talks for Tutor Perini dropped because of “volatile market conditions”
JDS Development Group's Michael Stern
5 things to know about supertall condo developer Michael Stern
5 things to know about supertall condo developer Michael Stern
Michael Stern is moving forward with massive Miami tower project
Michael Stern is moving forward with massive Miami tower project
Michael Stern is moving forward with massive Miami tower project
Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)
Judge deals another blow to Two Bridges towers
Judge deals another blow to Two Bridges towers
From left: 461 Dean Street, One Court Square and 18 Sixth Avenue
Queens tower led Brooklyn-saturated list of outer-borough loans
Queens tower led Brooklyn-saturated list of outer-borough loans
arrow_forward_ios

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

Loading...