Soho Properties Inks $219M Shariah-Compliant Deal In NYC

Law360, New York (June 27, 2016, 7:23 PM EDT) -- New York-based real estate company Soho Properties Inc. has closed on a $219 million syndicated Shariah-compliant construction financing for the development of a luxury residential tower in lower Manhattan, Asian banking group Malayan Banking Berhad (Maybank) said on Monday.

The financing, comprised of a $174 million senior construction loan and a $45 million mezzanine loan, will go toward the construction of a 43-story condominium tower to be developed by Soho Properties at 45 Park Place in Manhattan, according to Maybank, which jointly led the deal with...
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