NEW YORK CITY-The developers of a $1.25-billion condominium tower on Park Avenue in New York City have secured a construction loan for the project. The Children's Investment Fund Foundation has assured to provide $400 million to Los Angeles-based CIM Group.
CIM and New York-based developer Harry Macklowe are developing the 1,395-foot-high residential tower in midtown Manhattan. The project, called 432 Park, will be the tallest residential tower in the US when it gets completed. For the full story, go to Wall Street Journal .
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