Toll Brothers win $144m loan for New York City condo project

Toll Brothers City Living and its equity partner SMI USA has locked up a $144 million construction loan for a condominium project at 91 Leonard Street in New York City. SMI USA, the American arm of Shanghai Municipal Investment, contributed $73 million for its equity stake in the development. A trio of lenders are providing the funding led by MUFG Union Bank along with Santander Bank and CIT Bank. The proceeds will be disbursed with a $41 million senior loan, a $62 million building loan and a $41 million project loan. The plans call for a 19 story, 111 unit building with a total sell out estimated to be $309 million.