SILVERSTEIN SECURES FINANCING FOR $950M NYC HOTEL, CONDO

NEW YORK CITY — Silverstein Properties has secured construction financing for a $950 million, 82-story Financial District tower in downtown Manhattan that will house a Four Seasons hotel and condominium. The Children’s Investment Fund Management LLP provided financing for the project with a loan up to $660 million to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. At 926 feet, the building, which will be located at 30 Park Place, will be one of the tallest residential buildings in lower Manhattan. The hotel will include a 185-room Four Seasons-operated luxury hotel, as well as 157 Four Seasons branded luxury private residences. Construction will begin on the tower this fall, with the grand opening set for 2016. Robert A.M. Stern Architects is the architect for the building. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is serving as construction manager on the project.