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New York Multifamily

Tishman Speyer Lands $640M Construction Loan for Three-Tower Luxury Project

Bank of America Merrill Lynch and Wells Fargo inked a $640M loan this week for Tishman Speyer’s luxury residential construction in New York City's budding Long Island City neighborhood.

The banks are selling portions of the debt to other lenders or investors—Citizens Bank has already come on board.

Bank of America also shelled out a $390M loan to Douglas Steiner for a rental development at 333 Schermerhorn St in Brooklyn, Commercial Observer reports.

Wells Fargo just put up a $2.7B Fannie Mae loan for Blackstone Group’s and Ivanhoe Cambridgé’s buyout of Stuyvesant Town-Peter Cooper Village, a former Tishman Speyer property.

Tishman Speyer partnered with H&R Real Estate Investment Trust and an unidentified investor on the three-tower, 1,789-unit project, which should hit $875M in development costs. [CO]

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