Hines has obtained a $785 million financing package from United Overseas Bank that it will use to jumpstart the stalled Tower Verre project, a planned luxury apartment tower adjacent to the Museum of Modern Art in New York that has been on hold for approximately four years. Kim Jagger, a Hines spokeswoman, didnt return calls and an email to Singapore-based United Overseas Bank was not returned.
Market players told REFI that United Overseas is in talks with several other foreign banks to syndicate the loan but additional details could not be learned.
The project, designed by French architect Jean Nouvel, was slated to be the tallest apartment building in New York when it was unveiled in 2007, but was cut down by city planners in 2009 due to concerns that it would cast a shadow over Central Park. The building will still be among the citys tallest structures at a height of 1,050 feet. Stalled construction projects are being given new life across the U.S. as projects that were mothballed during the downturn are finding financing from lenders eager to fund high-end developments. Developments such as CityCenterDC in Washington, D.C., 56 Leonard Street and Starwood Capital Groups Baccarat hotel development, both in New York, are examples of development projects that have recently found funding (REFI, 1/11, 3/20, 4/12).