Fisher Brothers, Witkoff and New Valley close on $445 million construction loan for TriBeCa's 111 Murray Street

Fisher Brothers, Witkoff and New Valley arranged the closing of a $445 million construction loan from its lead lender Blackstone Real Estate Debt Strategies as well as from M&T Bank and Deutsche Bank in connection to 111 Murray St., a 58-story, ground-up residential condominium breaking ground in TriBeCa this month. "The closing of these loans marks another important milestone as we move forward in creating a residential condominium that brings together the best in class in every facet of its design, offerings, location and quality," said Winston Fisher, a partner with Fisher Brothers. "We are very proud of this project and are pleased that Blackstone, M&T Bank and Deutsche Bank have demonstrated such overwhelming confidence in our vision." Due for completion in 2018, 111 Murray St. will stand 800 feet tall and was conceived in collaboration with four of the most forward-thinking and highly acclaimed design talents today. The flared-glass tower by Kohn Pedersen Fox will house 157 residences designed by David Mann and boast 20,000 s/f of amenity spaces by David Rockwell. Edmund Hollander will design both a private garden for residents and an adjacent 10,000 s/f landscaped plaza. "We are eager to lend funds to seasoned developers such Fisher Brothers, Witkoff and New Valley, whose proven-track records speak for themselves," says Mr. Michael Nash, a senior managing director of Blackstone Real Estate Debt Strategies. "From the development team to the design team, 111 Murray Street will prove to be an extremely important market entrant, which we are thrilled to be part of." Mr. David Lowery, a vice president of M & T Bank states, "It was evident from the start that 111 Murray Street would pose an incredible investment opportunity for the borrower. M & T Bank is proud to be part of a project that, because it is so beautifully designed and skillfully engineered, is poised to transform the Manhattan skyline."