Maybank jointly arranges $219M for Manhattan residential tower

WCN Editorial Team 28 Jun 2016 NORTH AMERICA BUILDINGS

A consortium of lenders led by Maybank is set to provide the first syndicated shariah-compliant construction financing worth $219M for the development of a luxury residential tower in Manhattan, New York.

Maybank was selected as a joint lead arranger along with Warba Bank of Kuwait for the syndication, which includes lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners.

The funding includes a $174M senior construction loan and a $45M mezzanine loan, which will be used for the construction of the Tribeca condominium tower, a 43-storey building to be developed by Soho Properties and located at 45 Park Place, Manhattan.

Maybank group head of global banking Amirul Feisal Wan Zahir said: “This syndication is a milestone being the first shariah-compliant construction financing in New York City, and it reaffirms our ability to offer value-creating Islamic banking solutions for global clients.

“As one of Asia's leading banking groups, we have been at the forefront in financing major infrastructure and property development projects across many countries.”

Construction on the 665ft-tall glass and steel tower will start in mid-2016 and is set to be complete in 2018.

* Data provided by Timetric's Construction Intelligence Center.

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