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Youngwoo & Associates obtains $130.6M loan for NYC tower project

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Youngwoo & Associates obtains $130.6M loan for NYC tower project

Youngwoo & Associates LLC secured $130.6 million in financing from Shanghai Commercial Bank Ltd. for the development of its Radio Tower & Hotel project at 2420 Amsterdam Ave. in the Washington Heights neighborhood in Manhattan, N.Y., The Real Deal reported, citing records filed with the Department of Finance of New York.

The total amount comprises a project loan worth $45.5 million, a $70.5 million building loan and a $14.6 million senior loan, which the Hong Kong-based lender took on from HSBC Bank, the Jan. 8 report added.

Radio Tower & Hotel is a joint project of Youngwoo & Associates and Beijing Construction and Engineering Group International. The 22-story building will sit on a former parking lot and will feature a hotel, office and retail space, the publication noted.

Bryan Woo of Youngwoo & Associates refused to comment on the loan deal, while Shanghai Commercial did not immediately respond to comment requests, according to The Real Deal.