$700M Funds II River Place Construction
By Melissa Kress
August 8, 2007
NEW YORK CITY-Six years after I River Place reached completion, $700 million is now in place to fund the construction of II River Place. All total, the luxury residential project will contain 2.3 million sf.
Cushman & Wakefield Sonnenblick-Goldman LLC acted as the financial advisor for project developer Larry Silverstein, in what may be the largest single residential construction loan to close. According to a statement from CWSG, the loan will be led by the Bank of New York and the Allied Irish Bank. New York State Housing Bonds will finance a major portion of II River Place, with the 107 corporate units included in the plan set to be financed conventionally, CWSG says.
The New York office of law firm Morrison & Foerster LLP represented Bank of New York, as lead administrative agent, in connection with the $700-million financing. Attorneys from Morrison & Foerster involved in the deal include Mark Edelstein, John McCarthy and Christopher Delson.
Arthur Sonnenblick, senior managing director of CWSG, tells GlobeSt.com construction has just begun and II River Place should reach completion in approximately 30 months. He declined to reveal the total project cost or the terms of the $700-million loan. II River Place, with two 58-story towers, is rising at West 42nd Street and 11th Avenue. It will include 1,359 rental apartments, 21,000 sf of retail, a 13,000-sf amenity center/health club with an Olympic-size swimming pool and 194 parking spaces. I River Place contains 921 rental apartments in a 42-story tower. That tower was completed in 2001. Costas Kondylis designed the development project.
II River Place will have 934 luxury market-rate apartments, 107 corporate apartments, 235 low-income apartments, 83 inclusionary housing moderate income units and retail space. I River Place and II River Place will have a common 22,500-sf park, but each residential tower will have its own entrances, lobbies and elevators.
“River Place II will be an outstanding success which can be attributed to its high-quality design, outstanding amenities, and the strong Silverstein sponsorship as well as the tremendous growth in the office and residential midtown-west real estate market," Sonnenblick says.
Copyright © 2007 ALM Properties, Inc.