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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.