NEW YORK CITY-A consortium of lenders led by Bank of America has provided fresh construction financing for 56 Leonard St., a 60-story luxury apartment tower in Tribeca, confirms law firm Morrison & Foerster, which represented BofA as legal advisor. The $350-million loan is among the largest to be awarded for condo construction since the financial crisis of 2008, according to a MoFo spokesman.
Forward progress on the 830-foot-tall condo tower, designed by Swis architecture firm Herzog & de Meuron, was among the casualties of the capital markets crisis in the fall of ’08.Announced a month before Lehman Brothers filed for the largest bankruptcy in history, the project stalled after foundation work had been completed. Alexico Group, the developer on 56 Leonard, had already sold four of the planned 145 units, according to published reports.
Construction resumed on the project this past October, and Corcoran Sunshine Marketing Group is slated to launch a renewed marketing push in the first quarter, according to the Real Deal. In addition to BofA, other lenders on the deal include Broad Street Principal Investments, CIT Finance, Emigrant Realty Finance, Manufacturers and Traders Trust Co., PB Capital Corp. and Bank of New York Mellon.
MoFo partners Mark Edelstein and Chris Delson led the transaction team representing BofA. The borrowers’ legal counsel was Sullivan & Cromwell, led by Anthony J. Colletta.