Singapore dynasty may give Hines’ Torre Verre $300M boost
Singaporean real estate heavyweights the Kwee family may invest a $300 million equity stake in Hines’ long-dormant condominium project known as Torre Verre, the Wall Street Journal reported.
The Jean Nouvel-designed 1,050-foot tower slated to rise next door to the Museum of Modern Art has been languishing for a number of years due to a lack of financing. In 2007, megadeveloper Hines bought the site at 53 West 53rd Street from the Museum of Modern Art for $125.5 million.
Singapore’s United Overseas Bank and other lenders are in discussions to make up to $800 million in construction loans, people familiar with the discussions told the Journal.
The Kwee family is one of Singapore’s wealthiest and also one of the city-state’s largest landlords, according to the Journal. Recently, Forbes magazine put their net worth at $4.6 billion.
Spokespeople for Hines, the Kwee family and United Overseas Bank declined to comment to the Journal. [WSJ] – Hiten Samtani