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High Rises Find Financing

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01-04-2008, 10:18 AM

Veronica Corningstone Veronica Corningstone is offline

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High Rises Find Financing

Holliday Fenoglio Fowler LP announced it arranged $163.5 million in acquisition and pre-development financing for a 1.1 million square foot condominium interest in 375 Pearl Street located in downtown Manhattan, N.Y. The adjustable-rate, first mortgage and mezzanine financing was placed with Apollo Real Estate Advisors LP and M&T Bank. A non-recourse construction loan of $114.4 million was secured by The Tower Residences at the Ritz-Carlton in Dallas, Texas. Phase II of the Ritz-Carlton luxury hotel and condominium development is due for completion in 2009 and will consist of a 23-floor tower with 96 units and four exclusive townhomes, according to Holliday.

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