Malayan Bank Refis Downtown Condo Tower

NEW YORK CITY—Malayan Banking Berhad, New York Branch, Soho Properties' founder Sharif El-Gamal and four other financial institutions announced on Tuesday a $174 million Sharia-compliant senior financing deal for 45 Park Place, a luxury condominium project located at 43-51 Park Place in Lower Manhattan.

Senior financiers for the project include Malayan Banking , London Branch; Intesa Sanpaolo S.p.A.; Warba Bank K.S.C.P. and MSD Capital, L.P.

Malayan Banking 's local branch was represented in the matter by a legal team from Reed Smith LLP, led by Joseph Sarcinella and including Gerard Hefner, Konstantinos Melitsanopoulos and Rose Plager-Unger.

“Reed Smith is delighted to have played a role in this very significant downtown development initiative,” says Sarcinella. “When completed next year, 45 Park Place will add high quality residential and commercial spaces, as well as an upscale public plaza, new cultural resources and significant green space to this popular neighborhood just south of Tribeca.

Mezzanine financing for the development of 43-51 Park Place was provided by BERNI, an investment vehicle of Saudi Arabian hedge fund Mohammed Alsubeaei & Sons Investments Co., which was represented in the matter by a legal team from Baker & McKenzie led by Mona Dajani and including Michael Reed, Pat McDonald and Maher Haddad.

The 43 stories of 45 Park Place include 112,721 square feet of residential condominiums, 788 square feet of retail space at ground level, and a 2,821-square-foot public plaza. The residential component will have 48 condos, including one-, two-, three- and four-bedroom apartments on floors six to 43, with full-floor layouts from floors 24 to 39, and two multi-floor penthouse apartments on the top four floors.

Tenant amenities—including a fitness center, lounge and children's room—are provided on the second floor, and the building's 50-foot indoor pool is located on the basement level.

The outdoor space, which features a plaza, green space and other public areas, includes a once-controversial Islamic cultural museum at 51 Park Place, on the western edge of the project site.

NEW YORK CITY—Malayan Banking Berhad, New York Branch, Soho Properties' founder Sharif El-Gamal and four other financial institutions announced on Tuesday a $174 million Sharia-compliant senior financing deal for 45 Park Place, a luxury condominium project located at 43-51 Park Place in Lower Manhattan.

Senior financiers for the project include Malayan Banking , London Branch; Intesa Sanpaolo S.p.A.; Warba Bank K.S.C.P. and MSD Capital, L.P.

Malayan Banking 's local branch was represented in the matter by a legal team from Reed Smith LLP, led by Joseph Sarcinella and including Gerard Hefner, Konstantinos Melitsanopoulos and Rose Plager-Unger.

“Reed Smith is delighted to have played a role in this very significant downtown development initiative,” says Sarcinella. “When completed next year, 45 Park Place will add high quality residential and commercial spaces, as well as an upscale public plaza, new cultural resources and significant green space to this popular neighborhood just south of Tribeca.

Mezzanine financing for the development of 43-51 Park Place was provided by BERNI, an investment vehicle of Saudi Arabian hedge fund Mohammed Alsubeaei & Sons Investments Co., which was represented in the matter by a legal team from Baker & McKenzie led by Mona Dajani and including Michael Reed, Pat McDonald and Maher Haddad.

The 43 stories of 45 Park Place include 112,721 square feet of residential condominiums, 788 square feet of retail space at ground level, and a 2,821-square-foot public plaza. The residential component will have 48 condos, including one-, two-, three- and four-bedroom apartments on floors six to 43, with full-floor layouts from floors 24 to 39, and two multi-floor penthouse apartments on the top four floors.

Tenant amenities—including a fitness center, lounge and children's room—are provided on the second floor, and the building's 50-foot indoor pool is located on the basement level.

The outdoor space, which features a plaza, green space and other public areas, includes a once-controversial Islamic cultural museum at 51 Park Place, on the western edge of the project site.