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May 8, 2007
ING finances two construction loans for U.S. projects
Reuters
ING Real Estate Finance on Monday said it closed on a $285.7 million first mortgage construction loan and letter of credit to Tiago Holdings, a joint venture between Forest City Ratner Co. and Blumenfeld Development.
The joint venture plans to use the funds to develop East River Plaza, a 527,080 square-foot shopping center in Manhattan's East Harlem neighborhood, said ING Real Estate Finance, part of ING Group
Also, Commercial Property News, Upper Manhattan Power Center Launches with $285M Construction Funding
The development will be anchored by Target, Home Depot and Best Buy stores, and will also feature a 1,248-space parking garage. ING served as administrative agent, sole lead arranger and sole bookrunner on the financing, underwriting the entirety of the facilities.
...
A portion of the financing package for the East River Plaza was syndicated to American and European financial institutions after the loan closed. Additional financing for the development was provided by the Upper Manhattan Empowerment Zone, the New York City Economic Development Corp. and the Empire State Development Corp.
NoLandGrab: ING and FCRC were investment partners in the NY Times Tower until last June when Ratner bought out ING's interest (link).
Posted by lumi at May 8, 2007 8:51 AM