Malayan Banking Bhd (Maybank) led the first syndicated Shariah-compliant construction financing in New York City by providing US$219mil for a luxury residential tower in Manhattan.
Maybank said on Monday it was appointed joint lead arranger with Warba Bank of Kuwait for the syndication, which included lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners, L.P. of the US. The financing comprised US$174mil senior construction loan and a US$45mil mezzanine loan.
The financing is for the construction of the Tribeca condominium tower, a 43-storey building to be developed by Soho Properties at 45, Park Place, Manhattan.
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Maybank said on Monday it was appointed joint lead arranger with Warba Bank of Kuwait for the syndication, which included lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners, L.P. of the US. The financing comprised US$174mil senior construction loan and a US$45mil mezzanine loan.
The financing is for the construction of the Tribeca condominium tower, a 43-storey building to be developed by Soho Properties at 45, Park Place, Manhattan.
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