Kuafu Gets $212M ICBC Loan fo 1 MiMa Acquisition
The Industrial and Commercial Bank of Chinahas funded a $211.6M loan for Kuafu Properties and the US arm of Shanghai Construction Group to finance the JV's acquisition of part of Related Cos' and TIAA-CREFF's 1 MiMA Tower in Manhattan.
The $260.8M purchase paves the way for a planned conversion of the residential tower's top 13 floors into 151 "affordable luxury" condominiums (which is, apparently, not an oxymoron) while the bottom 50 floors will remain rental units, the Commercial Observer reports.
Located between Ninth and Tenth avenues in Hell's Kitchen, the 60-story property at 460 West 42 St contains 44k SF of amenity space, including a pet care facility, a basketball court, a swimming pool and an Equinox Fitness Gym. [CO]