The developers of the American Copper Buildings, JDS Development Group and Largo Investments, have secured $660 million in financing for the project. The senior loan funding of $500 million was provided by American International Group while SL Green Realty Corp. partnered with a fund managed by Apollo Global Management to provide a $160 million mezzanine loan. The money will be used to replace a $390 million construction loan for the buildings.
Located at at 626 First Avenue, the buildings are named for the 5,000 copper panels that will compose their facades. Designed by ShoP Architects, the buildings will have 601 market rate and 160 affordable units. The towers will be joined by a 100 foot long skybridge which will house 13,441 square feet of ground floor retail space.
