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Maybank jointly arranges $219 mln Shariah-compliant construction financing

Malayan Banking Bhd (Maybank) said on Monday that it jointly led a consortium of lenders to provide the first syndicated Shariah-compliant construction financing in New York City totalling $219 million.


Maybank, Malaysia’s largest lender by assets, said in a statement that the financing was for the development of a 43-storey luxury building called Tribeca condominium tower in Manhattan, developed by Soho Properties.


Construction of the 665-foot tall tower will commence in mid-2016 and is scheduled for completion in 2018, the bank said in a statement.


Maybank was the joint lead arranger in the deal along with Kuwait’s Warba Bank, and included lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners, L.P. of the United States.


The financing comprised a $174 million senior construction loan and a $45 million mezzanine loan, the statement added.