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New York & Tri-State  + Midtown New York  + Finance  | 

Midtown Resi Tower Lands Reported $275M Construction Financing

Affinius Capital LLC originated a $215 million-loan alongside a senior loan from Kennedy Wilson to finance the ground-up development of Milano Residences, located in Midtown Manhattan. The loan was made to a joint venture between Sioni Group and AB & Sons, alongside a junior mezzanine loan from Intervest Capital Partners. Henry Bodek of Galaxy Capital arranged the financing, which reportedly totaled $275 million.

Perry Katz, SVP at Affinius, said, “We look forward to supporting this skyline-defining project and strengthening our relationship with Sioni Group and AB & Sons, experienced NYC-based developers, owners and operators.”

Milano Residences, a Class A, 75-story building currently under development, will contain 311 residential units. It will include 284 for-rent multifamily units with 30% designated as affordable housing, as well as 27 for-sale condominium units. The project is located at 989 Sixth Ave., on the southwest corner of 37th Street and Sixth Avenue.

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Inside The Story

Affinius Capital's Katz

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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