Hines, Goldman Sachs, Pontiac Land Group add $77.5M in new debt to 53 West 53rd Street condo in Plaza District

Hines, Goldman Sachs and Singapore-based Pontiac Land Group through the entity W2005/Hines West Fifty-Third Realty, LLC, as borrower signed a loan agreement with lender United Overseas Bank (with its partners Maybank, OCBC Bank and DBS Bank) that added $77.5 million in new debt secured by 127 parcels, including the tax class residential condo in Acris (SC) and containing 126 residential units and 1 commercial unit at 53 West 53rd Street in the Plaza District. The deal closed on July 9, 2020 and was recorded on July 17, 2020.

Hines, Goldman Sachs, and the Singapore-based real estate investment firm Pontiac Land Group obtained $77.5 million in new construction debt, composed of a $42 million “additional project loan” and a $35.5 million “additional building loan” from the lender group headed by the Singapore-based United Overseas Bank. Hines and its partners are the developers of the 162-unit condominium and United Overseas Bank, Maybank, OCBC Bank and DBS Bank are the lenders.

PincusCo’s New Development Condo database reports the building has sold 36 of 162 units. The financing covers the 126 unsold residential units and one retail unit in the building that was given its initial TCO on July 5, 2019. Hines and partners were given the $860 million construction loan in 2014. According to the loan documents, the total construction debt is now $633.75 million composed of $164.6 million in project loans and $469.2 million in building loans.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link