KUALA LUMPUR: Malayan Banking Bhd (Maybank) has jointly led a consortium of lenders to provide the first syndicated syariah-compliant construction financing in New York, the US, totalling US$219 million (RM895.71 million) for the development of a luxury residential tower in Manhattan.

The financing comprises a US$174 million senior construction loan and a US$45 million mezzanine loan.

The financing is for the construction of the Tribeca condominium tower, a 43-storey building to be developed by Soho Properties and located in 45 Park Place, Manhattan. Construction of the 665ft-tall glass and steel tower will commence in mid-2016 and is scheduled for completion in 2018.

In a statement yesterday, Maybank said it was appointed joint lead arranger, together with Warba Bank of Kuwait for the syndication, which includes lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners, LP of the US.

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This article first appeared in The Edge Financial Daily, on June 28, 2016. Subscribe to The Edge Financial Daily here.

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