Ceruzzi Holdings and Shanghai Municipal Investment USA have secured $200m in pre-development financing for their 520 Fifth Avenue project in Manhattan. The 71 story mixed use-project will include 145 condos, a mid-level 208-room hotel, and 33,000 square feet of retail on the first three floors. Located at the corner of 43rd Street and Fifth Avenue, the partners paid $275 million in 2015 for the 10,625 sqf site that offers 85 feet of frontage along Fifth Ave. Holliday Fenoglio Fowler sourced the funding, a floating rate loan through Mack Real Estate Credit Strategies. The proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work
