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Savanna lands construction loan for $150M boutique office project

Singapore’s United Overseas Bank is the senior lender on $100M financing deal

A rendering of 106 West 56th Street and Chris Schlank
A rendering of 106 West 56th Street and Chris Schlank

Savanna and partner Atom Assets landed a $100 million construction loan for their $150 million boutique office development at 106 West 56th Street.

Singapore’s United Overseas Bank is the senior lender and Canyon Partners Real Estate is chipping in with the mezzanine loan but it isn’t clear who is lending how much, Crain’s reported.

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The developers are building a 26-story, 90,000-square-foot office tower with floor plates ranging from 5,000 square feet at the bottom to around 2,500 square feet near the top. Savanna hopes tenants will pay an average rent of $125 per square foot and as much as $175 a foot for the highest floors.

JLL brokered the debt deal. Savanna had filed permits for the tower in May. [Crain’s] — Konrad Putzier

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Real Estate FinanceSavanna