• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Global Consortium of Lenders Led by Maybank and Warba Bank Delivers $219 Million in Construction Financing For Soho Properties' Trophy Condominium Tower at 45 Park Place

Confirms Confidence in Tribeca Market and Developer El-Gamal's Vision for Extraordinary Property In Heart of the New Downtown's Remarkable Transformation


News provided by

Soho Properties

May 19, 2016, 10:34 ET

Share this article

Share this article


NEW YORK, May 19, 2016 /PRNewswire/ -- In a major transaction that signals continued confidence in Manhattan's luxury residential market, real estate investor and developer Soho Properties announced it has secured $219 million in financing for the construction of its Tribeca condominium tower at 45 Park Place. Sharif El-Gamal, Soho Properties' Chairman and CEO, made the announcement.

Photo - http://photos.prnewswire.com/prnh/20160519/369810

Continue Reading

The financing for the 665-foot tall glass and steel tower, which will commence construction this summer and be completed in 2018, was provided by an international consortium of lenders. The construction financing is comprised of a $174 million senior construction loan and a $45 million mezzanine loan.

"We are extremely honored to be working with such a diverse and influential group of international lenders to bring this remarkable contribution to the evolving skyscape of the New Downtown to life. Our vision for the neighborhood and location is validated by our lenders' confidence in the market and enthusiastic support for 45 Park Place," Mr. El-Gamal said. "It is an honor to contribute 50 exceptional residences to the continued transformation of the New Downtown and Tribeca. We believe in the increasing value of this location, and we are humbled to play a role in bringing a new era of life, success, beauty and prosperity to the New Downtown, contributing to the neighborhood's extraordinary new energy and continued reinvention."

The $219 Million in construction financing is provided by an international syndicate of lenders, with Malayan Banking Berhad, called Maybank (South East Asia's fourth largest bank) and Warba Bank (Kuwait) serving as joint Lead Arrangers and Intesa Sanpaolo (Italy) as Documentation Agent. The $45 Million mezzanine funding has been provided by MASIC, a leading Saudi Investment company owned by Al Subeaei Family.

Maybank's Group Head of Global Banking, Dato' Amirul Feisal Wan Zahir, said that the Group's appointment as one of the two leaders of the financing consortium was a reaffirmation of Soho Properties' trust in Maybank's ability to undertake this exercise.

"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. We are confident that with Sharif El-Gamal's strong leadership, this unique project will be a success and enhance the skyline of New York, particularly the character of New Downtown. Indeed, Maybank is proud to lend our name to this landmark transaction."

"It is an honor to collaborate with such an incredible team of financiers to bring this project to life. We are confident in the economics of the deal and the strength of the submarket," said Shaheen Al Ghanem, CEO of Warba Bank.  Al Ghanem further elaborated, "Since its inception, Warba bank has been at the forefront of structuring, arranging and funding unique projects on the local, regional and international levels.  Our participation in this project stems from our deep interest to reinforce the position of the bank internationally, and our commitment to provide the bank's distinguished corporate and retail clientele with bespoke, first class banking services."

According to Intesa Sanpaolo, "The remarkable combination of Soho Properties' deep knowledge of the New York real estate market and the talent of the many Italian designers involved gives us confidence that this project will be a market maker."

"It gives us great pride to be market makers of a new Mezzanine investment in New York.  Since the founding of MASIC, we have been keen on developing the investment arena and introducing new investment ideas that comply with our tradition and principles.  From the creation of Bank Al Bilad to the establishment of the largest independent investment company in KSA (Jadwa), we have always been keen on growing the market for sound investments. Our participation in the financing of 45 Park Place comes as a continuation to that desire.  We are also keen on investing in the United States and find the real estate market very attractive and are determined to add more investments with trustworthy partners,"said Ihsan Bafakih CEO of MASIC.

"The investment in 45 Park Place comes as evidence to our determination to expand our investment in the US through real estate investment vehicles.  45 Park Place is another landmark deal after the success witnessed in our investment in the South Bank Tower in London,"said Amro Nahas Head –Real Estate Investments, MASIC.

The 43-floor 45 Park Place, designed by architect Michel Abboud of SOMA Architects with Ismael Leyva Architects as the architect of record, will offer residents unparalleled panoramic views of Manhattan from its location at the southern edge of the Tribeca Historic District. Featuring interiors and amenities designed by Piero Lissoni, the tower will be neighbor to a museum and public green space designed by Pritzker-Prize award winning architect Jean Nouvel. Construction is expected to begin in summer of 2016, with delivery of the tower in 2018. Stribling Marketing Associates will serve as exclusive sales and marketing agent for 45 Park Place.

About Soho Properties:

Soho Properties, Inc. is a commercial real estate investment firm and owner of office, multi-family and retail developments founded by Sharif El-Gamal in 2003 in New York City. The Soho Properties team arranges and participates in real estate investments in office, residential and retail property markets in New York City, generating opportunities for its clients through the acquisition of both single assets as well as portfolios, and has executed over $1 billion in New York City transactions since its inception. Soho Properties recently announced plans for a $300 Million development of a new hotel and retail offering in Times Square.

About MASIC:

Mohammed Ibrahim & Sons Investment Company (MASIC) is a Saudi Closed Joint Stock Company with its headquarters in Riyadh, Saudi Arabia.  Since 2006, MASIC has transformed from a traditional family investment business to a professional investment company deploying world-class investment practices. MASIC operates through three main divisions: Real Estate, Private Equity and Asset Management. MASIC is one of the largest investment companies in Saudi Arabia with an extensive portfolio of investments locally and globally featuring financial services, real estate, agricultural, manufacturing, industrial and retail. In recent years, MASIC has been involved in some landmark real estate deals, including the redevelopment of London's iconic South Bank Tower in which MASIC provided GBP 145 million of funding through the biggest Shariah compliant mezzanine facility in the United Kingdom and has invested and developed many assets in Saudi Arabia, the US and Europe in residential, commercial and retail. MASIC has always strived to create long term partnerships with reputable institutions that share its values.

CONTACT:    
Great Ink Communications – tel. 212-741-2977
Roxanne Donovan (Email)
Eric Gerard (Email)

SOURCE Soho Properties

Related Links

http://www.sohoproperties.com

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.