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NEW YORK — Time Equities has secured nearly $400 million in construction financing for the planned 63-story, retail/residential mixed-use tower in Lower Manhattan. The ambitious mixed-use project at 50 West Street was put on hold in 2008 in the wake of the financial crisis on Wall Street.

Construction is set to begin this fall with completion expected in 2016. The firm is ready to move forward in part because the local market is so active.

“Lower Manhattan has and will continue to outperform expectations,” says Francis Greenburger, chairman of Time Equities. “Given all that is happening in Lower Manhattan right now, we see demand for high-quality condos in the neighborhood continuing to grow in the years ahead.”

Time Equities first purchased the 50 West Street site in 1983. Since the project stalled five years ago, plans for the building’s interiors have been redesigned and the hotel component originally included has been scrapped. The key piece fell in place when $398 million in total funding was secured.

Elliott Management, a New York-based global investment fund led by Paul Singer with more than $21 billion in assets under management, has formed a joint venture with Time Equities and will invest $110 million. Additionally, a lending group led by PNC Bank that also included Wells Fargo, M&T Bank, Union Bank, MidFirst Bank and Emigrant Bank will provide a $288 million syndicated construction loan.

“We are excited to commence construction on 50 West Street this fall,” says Robert Singer, project director for Time Equities. “The neighborhood is developing rapidly, and our site provides incredible access to Battery Park City, Wall Street, waterfront parks, high-quality public schools and subways.”

Among those persons and organizations that Time Equities has brought on board for the project are well-known architect Helmut Jahn, executive architect SLCE, renowned interior designer Juul Hansen, development manager Albanese Organization and construction manager Hunter Roberts.

50 West Street, situated between West and Washington streets and just south of Rector St., has been designed to meet LEED Silver certification requirements, the latest storm protection measures and FEMA guidelines, which include a raised-ground floor elevation, relocated mechanical equipment and a natural gas-powered emergency generator.

Time Equities Inc. is a privately held full-service real estate firm founded in 1966 that holds properties in 25 states, four Canadian provinces and Germany totaling approximately 22.1 million square feet.

Dave Karson of Cushman & Wakefield arranged the joint venture between Time Equities and Elliott Management.

— John McCurdy

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