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Ceruzzi Holdings and SMI USA have acquired some much-needed financing for their project at 520 Fifth Ave.
The developers have secured a $200M bridge loan from Mack Real Estate Credit Strategies to fund the pre-development portion of the project. Construction costs are expected to exceed $500M, and the team of Ceruzzi and SMI is seeking construction loans as well, The Real Deal reports.
The companies of Louis Ceruzzi and the Shanghai Municipal Authority acquired 520 Fifth Ave. from Thor Equities in 2015 for $275M, inheriting plans for a 72-story tower filled with residences and a hotel above a retail base. Since that time, Ceruzzi and SMI have reportedly tweaked the plans somewhat, but multifamily, hotel and retail remain the key components of the building.
The $200M bridge loan replaces a $130M loan from JPMorgan Chase for the group's acquisition of the property. JPMorgan might not be done with the property, however; it may be the most likely source of financing for construction loans in New York at the moment.
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