PETALING JAYA, Jun 28 – Malayan Banking Bhd has jointly led a consortium of lenders to provide the first syndicated syariah-compliant construction financing in New York City totalling US$219 million (RM894.9 million) for the development of a 665-foot luxury residential tower in Manhattan.
Maybank was appointed joint lead arranger together with Warba Bank of Kuwait for the syndication, which includes lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners, LP of the US. Maybank in a statement yesterday said the financing comprises a US$174 million senior construction loan and a US$45 million mezzanine loan.
The financing is for the construction of the 43-storey Tribeca condominium tower at 45 Park Place, Manhattan, to be developed by Soho Properties. Construction is to start in mid-2016 for completion in 2018. Maybank group head of global banking, Datuk Amirul Feisal Wan Zahir, said this syndication is a milestone being the first syariah-compliant construction financing in New York City, and it reaffirms our ability to offer value-creating Islamic banking solutions for global clients.