IslamicFinance.de

Baker & McKenzie advised Mohammed I. Alsubeaei & Sons Investment Company a leading private equity investment company based in Saudi Arabia in a $219 mn dollar Murabaha facility to develop a luxury condominium development. MASIC provided the mezzanine financing for the development project, 45 Park Place, located in New York's TriBeCa neighborhood. The deal highlights the expansion of Islamic financing into the US real estate market.
MASIC partnered with other financial institutions and Soho Properties on the downtown condo project, which is scheduled for completion in 2018. Financiers for the project include Malayan Banking Berhad, London Branch; Intesa Sanpaolo S.p.A.; Warba Bank K.S.C.P.; and MASIC.
Baker & McKenzie partner Mona Dajani said, “This successful financing by MASIC is a milestone transaction in the United States using tiered Shari’ah-compliant facilities for commercial transactions. This transaction aptly demonstrates the increased activity in Islamic financings in the United States which has emerged over the past year.”
The Baker & McKenzie team, led by Ms. Dajani, included partner, Pat McDonald and associates Michael Reed, and Maher Haddad.

New Yorker real estate investor Soho Properties announced it has secured $219 mn in financing for the construction of its Tribeca condominium tower. The announcement was made by Soho Properties' Chairman and CEO, Sharif El-Gamal. The financing is provided by an international syndicate of lenders, with Maybank and Warba Bank serving as joint Lead Arrangers and Intesa Sanpaolo as Documentation Agent. The construction of the 665-foot tall glass and steel tower will commence this summer and will be completed in 2018.