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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Represents Larry Silverstein in the $700 Million Financing of II River Place |
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Monday, August 06, 2007
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New York , NY
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Cushman & Wakefield Sonnenblick-Goldman, LLC, acting as financial advisor to Larry Silverstein, has arranged a $700 million construction loan for II River Place, a luxury high-rise residential rental development located at West 42nd Street and Eleventh Avenue. The loan is believed to be the largest single residential construction loan ever closed in the nation.
The construction loan will be led by the Bank of New York and the Allied Irish Bank. The major portion of the project will be financed with New York State housing bonds; the 107 corporate units will be financed conventionally.
Designed by Costas Kondylis, II River Place is the second of a two-phase, 2.3 million square foot development project. II River Place will be two 58-story towers containing 1,359 rental apartments, 21,000 square feet of retail space, a 13,000-square-foot amenity center/health club with an indoor Olympic size swimming pool, and 194 parking spaces. The first phase, I River Place, is a 42-story tower containing 921 rental apartments and was completed in 2001.
The new towers will be made up of 934 luxury market-rate apartments, 107 luxury corporate apartments, 235 low income apartments, 83 Inclusionary Housing Moderate Income Units and the retail space. Each of the four separate residential buildings will have separate entrances, lobbies and elevators. II River Place and I River Place will share a 22,500-square-foot landscaped park.
The rental apartments will have “condominium type” finishes which will include, curtain wall siding, floor to ceiling wrap-a-round windows, high ceilings in all apartments, spectacular Hudson River and city views, high quality kitchen appliances and cabinets, marble countertops, designer bathrooms with separate showers and deep soaking tubs, enhanced internet and cable TV, a washer and dryer in every unit, tenant controlled HVAC, wide heated and air conditioned corridors and spacious lobbies.
"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," commented Arthur I. Sonnenblick, senior managing director of Cushman & Wakefield Sonnenblick-Goldman, LLC.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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