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Soho Properties secures Sharia-compliant financing for 45 Park Place

Soho Properties announced it secured $219 million in financing for the construction of its Tribeca condominium tower at 45 Park Place.
$174 million in construction financing is being provided by an international syndicate of lenders, with Malayan Banking Berhad, called Maybank (South East Asia’s fourth largest bank) and Warba Bank (Kuwait) serving as joint Lead Arrangers and Intesa Sanpaolo (Italy) as Documentation Agent.

A $45 million mezzanine funding has been provided by MASIC, a Saudi Investment company owned by Al Subeaei Family.
Sharif El-Gamal, Soho Properties’ chairman and CEO, made the announcement said he was “extremely honoredˮ to be working with such a diverse and influential group of international lenders.

“Our vision for the neighborhood and location is validated by our lenders’ confidence in the market and enthusiastic support for 45 Park Place,” El-Gamal said.

“It is an honor to contribute 50 exceptional residences to the continued transformation of the New Downtown and Tribeca. We believe in the increasing value of this location, and we are humbled to play a role in bringing a new era of life, success, beauty and prosperity to the New Downtown, contributing to the neighborhood’s extraordinary new energy and continued reinvention.”

The 665 ft. tall glass and steel tower will commence construction this summer and be completed in 2018.

Sharif El-Gamal with Elizabeth Stribling
Sharif El-Gamal with Elizabeth Stribling

Designed by Michel Abboud of SOMA Architects in collaboration with Ismael Leyva Architects, the 43 stories of 45 Park Place include 112,721 s/f of residential condominiums, 788 s/f of retail space at ground level, and a 2,821 s/f public plaza. The residential component will have 48 condos, including two multi-floor penthouse apartments on the top four floors. Tenant amenities, including a fitness center, lounge and children’s room, will be on the second floor, and the building’s 50-foot indoor pool will be located on the basement level.

A plaza, green space and other public components of the development were designed by Pritzker Prize-winning French architect Jean Nouvel and include an Islamic cultural museum at 51 Park Place, on the western edge of the project site.

The financing package for the project is Sharia-compliant, meaning it was structured in accordance with strict Islamic financing rules.

The New York Branch of Malayan Banking Berhad was represented in the matter by a legal team from Reed Smith LLP, led by Joseph A. Sarcinella and including Gerard A. Hefner, Konstantinos P. Melitsanopoulos and Rose C. Plager-Unger.

Shaheen Al Ghanem, CEO of Warba Bankcommented, “Since its inception, Warba bank has been at the forefront of structuring, arranging and funding unique projects on the local, regional and international levels. Our participation in this project stems from our deep interest to reinforce the position of the bank internationally, and our commitment to provide the bank’s distinguished corporate and retail clientele with bespoke, first class banking services.”

Stribling Marketing Associates will serve as exclusive sales and marketing agent for 45 Park Place.

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