Matthew Messinger’s Trinity Place Holdings sewed up nearly $190 million in construction financing for its 90-unit condominium tower in the Financial District.
The Massachusetts Mutual Life Insurance Company provided the four-year, $189.5 million loan, which has a one-year extension option, according to regulatory filings. A portion of the proceeds will be used to repay a $40 million loan from Sterling National Bank and Israel Discount Bank of New York.
Rendering of 77 Greenwich (Credit: DBOX)
Designed by FXFOWLE, the 40-story tower at 77 Greenwich Street is slated to house a 476-seat elementary school at its base. The project will also include 7,500 square feet of ground-floor retail and construction of a new subway entrance on Trinity Place. Condos are expected to ask between $2,000 and $3,000 per square foot.
CBRE’s Mark Fisher, Shawn Rosenthal and Alexander Furnary brokered the financing.
In addition to the loan, Trinity and the SCA entered into an agreement regarding construction for a shell of the new school. Under the agreement, the SCA will buy a condominium interest in the project. The SCA will be responsible for completing the school’s interior construction.
The project is scheduled to be completed in 2020. — E.B. Solomont