Sharif El-Gamal

Manhattan tower secures $219m in sharia-compliant financing

Real estate developer Sharif El-Gamal has secured $219 mn in sharia-compliant financing for a luxury condominium tower in New York City. The financing is led by Maybank and Warba Bank, other participants include Intesa Sanpaolo and MASIC, the investment arm of Saudi Arabia’s Al Subeaei family. The financing comes seven years after El-Gamal purchased the property for $4.85 mn with the goal to build a centre for reconciliation between Islam and the west.

Global Consortium of Lenders Led by Maybank and Warba Bank Delivers $219 Million in Construction Financing For Soho Properties' Trophy Condominium Tower at 45 Park Place

New Yorker real estate investor Soho Properties announced it has secured $219 mn in financing for the construction of its Tribeca condominium tower. The announcement was made by Soho Properties' Chairman and CEO, Sharif El-Gamal. The financing is provided by an international syndicate of lenders, with Maybank and Warba Bank serving as joint Lead Arrangers and Intesa Sanpaolo as Documentation Agent. The construction of the 665-foot tall glass and steel tower will commence this summer and will be completed in 2018.

Syndicate content