Square Mile Capital Management has provided a $430m (鈧�391.6m) construction loan for the redevelopment of a 970,000sqft office building in a New York City borough.
GFP Real Estate and Northwind Group said Square Mile provided the equity and debt financing for the redevelopment of 100 Pearl Street-50 Water Street asset in Manhattan.
The capital markets team at Cushman & Wakefield arranged the financing for the project formerly known as 7 Hanover Square.
GFP said 526,552sqft of the 50 Water Street portion of the building has been leased to New York City Health + Hospitals.
Brian Steinwurtzel, co-CEO of GFP Real Estate, said: 鈥淲e have always believed in the re-emergence of Downtown as a place where leading tenants want to be.
鈥淲e are thrilled to commence construction next week and add 100 Pearl Street to GFP鈥檚 growing portfolio.鈥�
Sean Reimer, Square Mile Capital principal, said: 鈥淭he 100 Pearl Street redevelopment has all the hallmarks of an outstanding project.
鈥淚t is strategically well located in a very desirable submarket of Manhattan, with extremely strong sponsorship and an anchor tenant already committed. We are very pleased to provide the financing.鈥�
