10 July 2017
New York
Reporter: Theo Andrew

JV secures $200 million financing for Fifth Avenue development


Ceruzzi Holdings and SMI USA have secured financing for their 520 Fifth Avenue development, to the tune of $200 million.

HFF secured the floating rate loan through Mack Real Estate Credit Strategies. It will be used to repay existing debt and to finalise the design of the building.

The 71-storey, 425,000-square foot mixed-use property will comprise 33,000 square feet of retail, a five-star hotel and luxury apartments.

Development of the property will begin in 2018.

HFF also acted as the broker in the sale of the property to the joint venture.

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