KUALA LUMPUR: 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.
Construction of the 665-foot tall glass and steel tower will start in mid-2016 and is scheduled for completion in 2018.
Maybank's group head of Global Banking Datuk Amirul Feisal Wan Zahir said that the bank’s appointment as one of the two joint leaders of the financing syndication was a reaffirmation of Soho Properties' trust in Maybank's ability to undertake this exercise.
“This syndication is a milestone being the first shariah-compliant construction financing in New York City, and it reaffirms our ability to offer value-creating Islamic banking solutions for global clients,” he said.
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.”
The Tribeca tower, designed by architect Michel Abboud of SOMA 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. Stribling Marketing Associates will serve as exclusive sales and marketing agent for 45 Park Place.