National real estate investor/developer Lightstone says it has closed of financing for 130 William, a new luxury development planned for Manhattan’s financial district. The $305 million loan is financed by Mack Real Estate Credit Strategies, L.P.
The developer says the building will stretch 800 feet high, becoming one of lower Manhattan’s tallest structures. Construction of the 50-story building, designed by Goldstein, Hill & West Architects, has already commenced.
“We had strong demand from the lending community for this loan. It was a complicated and obviously large transaction. The Mack team’s knowledge of development and keen understanding of its nuances was instrumental in its consummation,” said Lightstone president Mitchell Hochberg.