**Midtown Residential Tower Lands $275M in Construction Financing**
Affinius Capital LLC has originated a $215 million loan in conjunction with a senior loan from Kennedy Wilson to finance the ground-up development of Milano Residences, a new residential tower coming to Midtown Manhattan. The financing package, reportedly totaling $275 million, was secured by a joint venture between Sioni Group and AB & Sons. The capital stack also included a junior mezzanine loan from Intervest Capital Partners. Henry Bodek of Galaxy Capital arranged the deal.
Perry Katz, Senior Vice President at Affinius Capital, commented on the partnership:
“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.”
Milano Residences will be a 75-story, Class A residential tower located at 989 Sixth Avenue, at the southwest corner of 37th Street and Sixth Avenue. Once completed, the development will include 311 residential units, of which 284 will be multifamily rental apartments. Notably, 30% of the rental units are designated as affordable housing. The building will also offer 27 for-sale condominium units.
