The Moinian Group Development Corp. landed financing worth $131.5 million for the development of the 31-story North Building at 2 Washington St. in Manhattan, N.Y.'s Financial District, The Real Deal reported, citing a city filing.
Square Mile Capital will provide the funds, comprising an approximately $64 million senior loan, a building loan of about $60.5 million and a roughly $6.9 million project loan, according to the report.
Moinian, along with Collaborative Construction, will redevelop the North Building of the two-building, mixed-use 17 Battery Park complex into a 345-unit rental property. Part of the building is owned by Nyack College, the news outlet added.
Square Mile declined to comment, and Moinian was not immediately available for comment, according to the report.