Construction is under way on Trinity Place, a mixed-use project in Manhattan.
Trinity Place Holdings Inc. announced that it has entered into a construction loan in the amount of $189.5 million to finance the construction of a new mixed-use building containing approximately 300,000 sq. ft. of gross floor area at 77 Greenwich St., Manhattan, which will include 90 luxury condominium homes and a public elementary school. The project also includes the adaptive reuse of the landmarked Robert and Anne Dickey House, 7,500 sq. ft. of street level retail space, and construction of a new handicapped accessible subway entrance on Trinity Place.
The loan has a four-year term with one extension option. This loan, in addition to equity already funded by the company and future contributions by the New York City School Construction Authority (SCA) will cover anticipated future costs of the project. The project hard costs are 93 percent “bought out” and are managed under a gross maximum price construction contract.
In connection with the transactions contemplated by the loan agreement, TPHS and SCA entered into an agreement that provides for the design and construction of the core and shell of a pre-kindergarten through 5th grade school that will occupy the first eight floors of the project, including the landmarked Dickey House. Under this agreement, the SCA will purchase a condominium interest in the project and at substantial completion will finish the interior construction. The condominium homes along with the subway improvements are scheduled to be completed by year end 2020.
Mark Fisher, Shawn Rosenthal and Alexander Furnary of CBRE acted as exclusive brokers on this financing transaction. Justin DiMare of Newmark Knight Frank represented seller and Howard Kessler of Newmark Knight Frank represented the purchaser on the SCA land purchase transaction.
James P. Godman, Daniel Berman and Dennis Heyman of Kramer Levin Naftalis & Frankel LLP represented Borrower on the transaction and Michael Byrne, Marie Caroline Bertrand and Rosemary G. Ayers of Day Pitney LLP represented the Lender.