Fisher Brothers, Witkoff and Howard Lorber’s New Valley closed a $445 million construction loan to help fund their 111 Murray Street condo development in Tribeca.
The joint venture secured the financing from a group including lead lender Blackstone Real Estate Debt Strategies, M&T Bank and Deutsche Bank. The loan will fund construction of the 792-foot-tall luxury condo tower, which is slated for completion in 2018 and will feature 157 units and more than 20,000 square feet of amenities.
The 58-story project will cost $820 million to build, according to the Wall Street Journal, with the developers having recently wooed a Chinese insurance company for funding, as The Real Deal reported. Witkoff, Fisher Brokers and New Valley paid $200 million for the site, which used to house a St. John’s University satellite campus, in 2013.
Work on Kohn Pedersen Fox-designed tower is due to break ground later this month, with sales having already launched. Songwriter and music producer Ryan Tedder recently purchased a six-bedroom, seven-bath duplex at 111 Murray Street for $11 million. [WSJ] – Rey Mashayekhi