UPDATED, March 10, 3:22 p.m.: The Lightstone Group secured $305 million in loans for its planned 59-story condominium tower at 130 William Street in the Financial District, according to documents filed with the Tel Aviv Stock Exchange on Thursday.
The financing will provide both construction and senior loans for the proposed 244-unit development. The loans carry a floating 6.85 percent interest rate over Libor, and come due in March 2021, with two options to extend through March 2023. As part of the agreement, Lightstone is required to contribute $80 million in equity.
Mack Credit Real Estate Credit Strategies provided the financing. A spokesperson for Lightstone was not immediately available for comment.
Lightstone purchased the William Street development site for $60 million in 2014 and initially filed plans for a 50-story hotel on the site. The firm is now planning a 345,000-square-foot residential-and-retail tower, according to a test-the-market application filed with the New York state Attorney General’s office in January.
The 59-story building will include 244 condo units across 310,000 square feet, as well as 21,000 square feet of retail, and 14,000 square feet for storage and other uses, according to the TASE documents. It is slated for completion in 2019.
(To see a selection of properties owned by the Lightstone Group, click here)