A joint venture between Ceruzzi Holdings and Kuafu Properties has secured $290 million from a British hedge fund to build a luxury Upper East Side development.
Holliday Fenoglio Fowler said it arranged the loan “with a foreign capital source.ˮ However, the company declined to comment on a Commercial Observer report that the Children’s Investment Fund (TCI) was the source.
Ceruzzi and Kuafu are building a residential and retail tower at 151 East 86th Street,.
It will have 61 apartments across 151,500 s/f and two stories of ground-floor retail totaling 30,600 rentable square feet.
The condominium units will average 2,485 s/f with top-of-the-line finishes and floor-to-ceiling windows offering views of the Manhattan skyline and the East River.
Residents will have a concierge service and 6,500 s/f of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom.
Due for completion in first quarter 2019, the 18-story building has been designed by HOK Architects with interiors by Shelton, Mindel & Associates.
HFF previously sourced financing for Ceruzzi’s acquisition of the site in 2014.
The firm’s debt placement team was led by senior managing director David Nackoul, managing director Christopher Peck and associate Scott Findlay.
“The Upper East Side is a unique and sought-after area where the opportunity to develop from the ground-up rarely presents itself, especially on a prime corner such as 86th and Lexington,” said Peck.
“Ceruzzi and Kuafu managed to create and execute on a very complex structure, and it was a privilege to help them capitalize on this vision with a single source of debt capital.”
