A joint venture between Lendlease and the Victor Group has closed on a $269 million construction loan for the 281 Fifth Avenue development. Located at the corner of East 30th street and Fifth Avenue, the duo will build a 700-foot-tall tower that will house 130 residences and a retail podium at the base. The foundation for the building was completed last month and vertical construction has begun. The lender is a consortium of three Singaporean based banks led by United Overseas Bank Limited, together with Oversea-Chinese Banking Corporation Limited and DBS Bank. Completing the financing for the project, Beijing SHOKAI Group invested $100 million for a preferred equity position in the project through its subsidiary, May Bao Limited. The loan completes the financing structure that will allow construction to be completed, according to Melissa Román Burch, Executive General Manager, Lendlease Development.
