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World Wide Group bags $300m finance deal.

The World Wide Group announced that they have secured $300 million in financing for three of their properties located in New York City and a fourth in Raleigh, NC.

The Singer & Bassuk Organization (SBO) arranged the financing.

"Over the past six months, World Wide has added a diverse mix of residential properties to our growing portfolio. Long-term, fixed rate financing is a vital component to our long-term business strategy," said David Lowenfeld, chief operating officer of World Wide Group.

"Building on our 25-year relationship, it has been an honor to work hand-in-hand with a great name in ownership such as World Wide Group to deliver sound financing for their noteworthy properties that extend beyond Manhattan's boundaries," said Andrew J. Singer, Chairman and CEO.

The properties and their transactions are SkyHouse, a luxury residential tower in Raleigh, North Carolina, 110 Green Street in Greenpoint, Brooklyn, Luna and QLIC in Long Island City.

Making its first purchase in North Carolina, World Wide paid $103 million for SkyHouse, which opened in spring 2015.

It secured a $50 million loan for permanent financing for Skyhouse, soughtafter apartment tower with a 10,000 s/f communal space on the 23rd floor roof deck,. The base of the building houses retail space that includes the restaurant, Provenance, and a forthcoming market place and coffeehouse.

110 Green Street in Green point, Brooklyn was acquired by World Wide for a total of $103 million from Meadow Partners, the first residential transaction to exceed $100 million in the neighborhood.

A $50 million loan transaction was completed to provide permanent financing for the property. The six-story, 185,000 s/f property consists of 130 luxury residential apartment units and offers a broad range of amenities.

Luna, a 124-unit, boutique residential building located at 42-15 Crescent Street in Long Island City, Queens, was purchased for $73 million with a $32 million loan.

Located in the heart of Queens Plaza, the building includes 7,500 s/ fof ground floor retail space and is steps away from a variety of dining, art and cultural destinations.

QLIC is World Wide's other property in Long Island City. The 421unit building opened in September 2015 is 90 percent leased and located across Queen's Plaza from Lima.

A ground-up development by World Wide, the property achieved permanent financing of $165 million. Amenities include a pool, garden, a fitness center, parking, and a bike room.


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Comment:World Wide Group bags $300m finance deal.
Publication:Real Estate Weekly
Date:Jun 22, 2016
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