NEW YORK, March 13, 2017 /PRNewswire/ -- National real estate investor/developer Lightstone today announced the closing of financing for 130 William, a new luxury development planned for Manhattan's Financial District. The $305 million loan is financed by Mack Real Estate Credit Strategies, L.P.
In the heart of the historic Financial District, 130 William will stretch 800 feet high, and the building will be one of the tallest in lower Manhattan. Plans for this one-of-a-kind development feature luxury condominiums with unparalleled river views and amenities. Construction has already commenced.
"We had strong demand from the lending community for this loan. It was a complicated and obviously large transaction. The Mack team's knowledge of development and keen understanding of its nuances was instrumental in its consummation," said Lightstone President Mitchell Hochberg. "130 William Street will be a world class luxury condominium with amazing views of the New York Harbor, Manhattan and Brooklyn. It will be one of the tallest buildings in lower Manhattan, and we're proud to be developing what will be a remarkable 800-foot luxury condominium, complete with superior amenities."
130 William will feature two floors of amenity spaces, including a wine cellar, pet spa, pool, sauna and massage room, fitness center, basketball court, yoga studio, lounge and game room, screening room, children's play area, and a rooftop observatory terrace offering expansive views.
The building will provide the ultimate in luxury living, along with the convenience, history, dining, culture, and entertainment of the Financial District.
Sales are expected to commence in early 2018.
Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone's $2.0 billion portfolio (in 26 states) currently includes over 6 million square feet of office, retail and industrial commercial properties, 10,000 residential units and 3,843 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $2.5 billion worth of projects currently under development in the residential and hospitality sectors.
About Mack Real Estate Credit Strategies:
Mack Real Estate Credit Strategies, L.P., the Mack real estate credit business, was established to be a one-stop shop for borrowers with transitional assets, in particular to provide capital for deals that traditional banks are less likely to finance due to increased regulation, or complexity and execution risk that are better suited to an integrated real estate firm. MRECS focuses on properties in need of flexible capital and sponsors seeking an experienced, sophisticated real estate lending partner.
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