Fisher Brothers, Witkoff and New Valley announced the closing of a $445 million construction loan for 111 Murray Street, a 58-story ground-up condo breaking ground in Tribeca this month.
Blackstone Real Estate Debt Strategies was the lead lender along with M&T Bank and Deutsche Bank.
“The closing of these loans marks another important milestone as we move forward in creating a residential condominium that brings together the best in class in every facet of its design, offerings, location and quality,” said Winston Fisher, a partner with Fisher Brothers.
“We are very proud of this project and are pleased that Blackstone, M&T Bank and Deutsche Bank have demonstrated such overwhelming confidence in our vision.ˮ
Due for completion in 2018, 111 Murray Street will stand nearly 800 feet tall and was conceived by a collaboration of acclaimed designers and architects.
The flared-glass tower by Kohn Pedersen Fox will house 157 apartments designed by David Mann and have 20,000 s/f of amenity spaces by David Rockwell.
Edmund Hollander will design both a private garden for residents and an adjacent 10,000 s/f landscaped plaza.
“We are eager to lend funds to seasoned developers such Fisher Brothers, Witkoff and New Valley, whose proven-track records speak for themselves,” said Michael Nash, a senior managing director of Blackstone Real Estate Debt Strategies.
“From the development team to the design team, 111 Murray Street will prove to be an extremely important market entrant, which we are thrilled to be part of.ˮ
David Lowery, a vice president of M & T Bank added, “It was evident from the start that 111 Murray Street would pose an incredible investment opportunity for the borrower.
“M & T Bank is proud to be part of a project that, because it is so beautifully designed and skillfully engineered, is poised to transform the Manhattan skyline.ˮ
