Lightstone has secured $305 million in construction financing for the development in Manhattan of a 59-story luxury condominium. The funding was provided by Mack Real Estate Credit Strategies LP and will provide both construction and senior loans for the scheme, carrying a floating 6.85 percent interest rate over Libor. The notes will be due in March 2021, with options to extend through March 2023. As part of the loan agreement, Lightstone is required to contribute $80 million in equity. The project, 130 William, will consist of 249 units and stretch 800 feet high. Lightstone originally acquired the property in 2014 for $60 million with plans to build a luxury tower.
“We had strong demand from the lending community for this loan It was a complicated and obviously large transaction,” said Lightstone’s president Mitchell Hochberg. “30 William Street will be a world class luxury condominium with amazing views of the New York Harbor, Manhattan and Brooklyn. It will be one of the tallest buildings in lower Manhattan.”
