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Chinese bank lends $360M for midtown luxury condo project

100 East 53rd Street rendering.

100 East 53rd Street rendering.

Holliday Fenoglio Fowler, L.P. (HFF) has arranged $360 million in financing for the development of 100 East 53rd Street, a new luxury condo in Midtown East neighborhood.

HFF worked on behalf of the borrower, a joint venture between RFR Holding LLC and Vanke Holdings LLC/China Cinda (HK) Asset Management Co. Ltd., to secure the construction loan through the Industrial and Commercial Bank of China.

Hines is serving as co-developer of the project along with RFR Holding LLC. Sales and marketing is being handled by Compass and Classic Marketing.

100 East 53rd Street is situated at the corner of East 53rd Street and Lexington Avenue, adjacent to the renowned Seagram Building at 375 Park Avenue.

The 61-story tower will have 94 for-sale residences along with ground- and second-floor retail and restaurant space.

Due for completion in 2017, the Foster + Partners designed project will have studio, one-, two-, three- and four-bedroom floor plans.

The amenity-rich project is planned to include a swimming pool, sauna, steam room, state-of-the-art fitness center, yoga room, pilates studio, massage/spa treatment rooms, lounge, media room and concierge service.

The HFF debt placement team representing the borrower was led by senior managing director Mike Tepedino, managing director Michael Gigliotti and director Jennifer Keller.

Vanke is the largest residential property developer in China. The firm has more than 30,000 employees and operates in over 60 cities in China, plus projects and/or offices in Hong Kong, New York, San Francisco, Singapore and London.

In 2014, Vanke’s annual revenue exceeded $34 billion USD with more than 210,000 residential units sold.
Vanke came to the US in 2013 as a major strategic overseas expansion. Currently, Vanke has four projects in New York and San Francisco with asset value over $1.5 billion USD.

China Cinda (HK) Asset Management Co. Ltd. is a leading asset management company in China with total registered capital of $5 billion, and asset value of $37 billion.  Its US real estate investments are managed by Cindat Capital Management Limited based in Beijing and Hong Kong with an affiliate team in New York.

ICBC is present in  41 countries and regions. In 2014, the bank was named the “Global Bank of the Year” by The Banker, ranked the first place among the Top 1000 World Banks by the Banker and the largest enterprise in the world among the Global 2000 listed by  Forbes for the second consecutive year.

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