Sumi Properties refis Subway Inn development site with $100M Ozarks loan Developer injects equity into project, which it plans to build in the next cycle
A conceptual rendering of 161 East 60th Street (credit: Archilier Architecture)
Sumi Properties Group refinanced its supertall development site at the former location of the Upper East Side’s Subway Inn with a $100 million loan from Bank of the Ozarks.
The Arkansas-based bank has been in the deal since 2015, when it lent about $115 million on the property collateralized against a $200 million loan Mack Real Estate Group provided to Kuafu Properties, which acquired the six-building site at 143-161 East 60th Street between Lexington and Third Avenues from World Wide Group for $300 million. The deal for the site, which offers about 280,000 buildable square feet, penciled out to north of $1,000 per上海夜网论坛