Toll Brothers, SMI snag $144M loan for 91 Leonard

UnionBank provided the financing for the condo building

TRD New York /
Nov.November 16, 2017 02:19 PM
91Leonard-600

David Von Sprecklesen and rendering of 91 Leonard Street (credit: Toll Brothers City Living)

Toll Brothers City Living and its new equity partner SMI USA secured $144 million in construction financing for the condominium project at 91 Leonard Street, documents filed with the city Thursday show.

SMI USA, the American arm of Shanghai Municipal Investment, China’s largest state-owned company, paid $73 million for its equity stake in the project earlier this month.

MUFG Union Bank is the lead provider of the debt, which breaks down into a $41 million senior loan, a $62 million building loan and a $41 million project loan, the filings show. According to a Nov. 3 press release, Santander Bank and CIT Bank are also lenders (the construction loan amount hasn’t been previously reported)

A representative for Toll Brothers did not immediately respond to a request for comment.

The New York State Attorney General’s office accepted the offering plan for the Tribeca development in October. When completed, 91 Leonard will hold 111 condos. The projected total sellout price is $309 million. The developers launched sales late last month,

Earlier this year, Toll Brothers introduced buyer incentives across several of its condo projects, in response to a slowdown in the luxury condo market. “As everyone knows, there’s more supply than there has been in previous years, so we want to help distinguish ourselves and get people in the door,” David Von Spreckelsen, president of the city living division, said in April.

SMI has quickly become a prominent equity backer of condo projects in Manhattan. With Extell Development, it invested last year in the most expensive condo plan in city history at the upcoming Central Park Tower. At 520 Fifth Avenue, the company is partnering with Ceruzzi Properties to build a 72-story condo tower.


Related Articles

arrow_forward_ios
Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

Who’s buying what? Here are our top luxe resi sales

NYC startup is under contract to buy its first Miami condo as crowdfunding investment

NYC startup is under contract to buy its first Miami condo as crowdfunding investment

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

arrow_forward_ios