Bizzi, partners secure $450M in Chinese capital for Soho condo

Bank of China loan, Cindat investment pump money into Renzo Piano-designed project

New York /
Jan.January 22, 2016 03:25 PM

The developers of a new Renzo Piano-designed luxury condo tower in Soho have look east – Far East – to raise money for the project.

Bizzi & Partners Development, Aronov Development and Halpern Real Estate Ventures secured $450 million from Chinese lenders and investors to fund the planned 115-unit condo building at 565 Broome Street — also known as 100 Varick Street.

In addition to securing a $320 million construction loan from the Bank of China, the developers sold a $135 million equity stake in the project to Cindat, a U.S. subsidiary of Chinese investment firm Cinda Asset Management.

The 25-story development broke ground last month and is slated for completion in 2018, with sales expected to launch later this year, according to Crain’s. Bizzi, Aronov and Halpern began assembling the site, which spans Varick Street between Broome and Watts streets, in 2014. The partners recently closed on a $9 million neighboring site at 555 Broome Street that enabled the project to expand up to 320,000 square feet.

While developer Michael Shvo has a stake in the joint venture developing the property, Shvo isn’t one of the principal developers behind 565 Broome Street, according to a spokesperson for the project.

Renowned architect Renzo Piano, whose notable recent work includes the new Whitney Museum in the Meatpacking District, designed the twin-spired condo tower. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Affordable housing developers hope the federal government set a floor rate for 4 percent Low Income Housing Tax Credits. (iStock)

Affordable housing developers look to feds for financing fix

Affordable housing developers look to feds for financing fix
Renderings by Archimaera

LIC will soon house the nation’s largest passive house office

LIC will soon house the nation’s largest passive house office
Mayor Bill de Blasio and the Gowanus Canal (Getty)

Gowanus infrastructure plan aims to mute rezoning foes

Gowanus infrastructure plan aims to mute rezoning foes
From left: Rybak Development's Sergey Rybak, 126 East 86th Street, 128 East 125th Street, Maddd Equities' Jorge Madruga (Rybak, Google Maps; Getty)

Manhattan investment sales show vital signs again

Manhattan investment sales show vital signs again
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
arrow_forward_ios

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

Loading...