Condos at NYC's 'Ground Zero Mosque' site get global financing

New York

A LUXURY-CONDO project planned for the lower Manhattan site of what was once to be the "Ground Zero mosque" has received US$219 million in financing from an international consortium of lenders, paving the way for 50 high-end units to enter a New York market that is growing heavy with them.

Developer Soho Properties, led by Sharif El-Gamal, said the project known as 45 Park Place has received a senior construction loan totalling US$174 million from a syndicate that includes Malayan Banking Bhd, Malaysia's top lender; Warba Bank of Kuwait; and Intesa Sanpaolo SpA of Italy, the developer said in a statement last Thursday. An additional US$45 million in mezzanine financing is being offered by MASIC, a Saudi investment company.