Shanghai Commercial provided the debt
Young Woo’s Yungwoo & Associates and Beijing Construction and Engineering Group have secured $130.6 million in financing from Shanghai Commercial Bank for the construction of a mixed-use project at 2420 Amsterdam Avenue in Washington Heights.
Financing Breakdown: Shanghai Commercial provided a $45.5 million project loan, a $70.5 million building loan, and took on a $14.6 million senior loan from HSBC Bank, according to TRD.
Plans… Upon completion, the property will consist of office space (145,000 SF), ground-floor retail (8,000 SF), and a 221-key hotel (93,000 SF). The developer paid $12 million for the site in 2013.