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Long-Delayed Tribeca Hotel Project Lands $135M Financing
Development of a luxury hotel at 456 Greenwich St. in Tribeca, long delayed, will resume now that bankruptcy proceedings for developer CBCS Washington Street LP have concluded. Korea-based Hana Financial Investment will provide a $135-million construction loan arranged by VI Development Group’s Terence Park, with the development partnership providing $19 million in equity.
The CBCS partnership filed for bankruptcy protection last March. The partnership acquired the ground lease on 456 Greenwich from the Ponte family in 2013.
“The exit financing from Hana and the general partners with the landlord’s support is a testament to the intrinsic value of the project on one of the greatest development sites remaining in all of Tribeca,” said Chris Wu of Teneo Capital, which served as CBCS’s investment banker and financial advisor.
The 96-key project is being developed for the Le Fouquet’s luxury hotel brand, managed by Groupe Lucien Barriere. Completion is slated for 2022.
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