**Midtown Manhattan Residential Tower Secures $275M Construction Financing**
A new residential high-rise in Midtown Manhattan, Milano Residences, has secured $275 million in construction financing. Affinius Capital LLC originated a $215 million loan in partnership with Kennedy Wilson, which provided the senior loan. The financing package also includes a junior mezzanine loan from Intervest Capital Partners.
The funds have been provided to a joint venture between Sioni Group and AB & Sons. Henry Bodek of Galaxy Capital arranged the financing.
Perry Katz, Senior Vice President at Affinius, commented on the deal, saying, “We look forward to supporting this skyline-defining project and strengthening our relationship with Sioni Group and AB & Sons, experienced NYC-based developers, owners and operators.”
Currently under development, Milano Residences is a Class A, 75-story residential tower set to rise at 989 Sixth Avenue, at the southwest corner of 37th Street and Sixth Avenue. Once completed, it will feature 311 residential units, including 284 rental apartments—30% of which will be designated as affordable housing—and 27 for-sale condominium units.
