Hypo Real Estate Capital Corp. closes $100m interest in Riverside development syndication (US/DE)

Hypo Real Estate Capital Corporation (HRECC) the New York-based subsidiary of Hypo Real Estate Bank International closed on a $100 million syndication of its construction financing for two New York City parcels to North Fork Bank on March 14. Located at 80 and 100 Riverside Boulevard between West 63rd and West 65th Streets, the two properties are being developed into two condominium buildings by a joint venture comprised of The Carlyle Group and Extell Development.

In November 2005, Hypo Real Estate Capital Corporation closed on the $695 million construction financing for this development, which will total approximately 750,000 ft² of for-sale residential space once completed. An additional four parcels, located at 10, 20, 40 and 60 Riverside Boulevard between West 59th and West 63rd Streets, offer a total of 1.6 million ft² of market rate residential space. Located directly south of Trump Place, The Carlyle Group and Extell Development acquired this property from a consortium of Hong Kong Investors and Donald J. Trump.

We are pleased to be involved in this noteworthy development initiative, said Evan F. Denner, Deputy CEO of Hypo Real Estate Capital Corporation. We are pleased to expand our group of syndication partners to include North Fork Bank.

Source: Hypo Real Estate

Related News