PETALING JAYA: Malayan Banking Bhd (Maybank) has been appointed the joint lead arranger, together with Kuwait’s Warba Bank, for the construction of a luxury residential tower in Manhattan, New York worth US$219mil.

The financing comprises a US$174mil senior construction loan and a US$45mil mezzanine loan.

Maybank said in a statement that the financing was for the construction of a 43-storey building called Tribeca condominium tower. The condo will be developed by Soho Properties and located at 45 Park Place, Manhattan.

Construction of the 665-foot tall glass and steel tower will commence in mid-2016 and has been scheduled for completion in 2018.

Maybank’s group head of global banking Datuk Amirul Feisal Wan Zahir (pic) said the bank’s appointment as one of the two joint leaders of the financing syndication was a reaffirmation of Soho Properties’ trust in Maybank’s ability to undertake this exercise.

“This syndication is a milestone being the first shariah-compliant construction financing in New York City, and it reaffirms our ability to offer value-creating Islamic banking solutions for global clients,” he said.

“As one of Asia’s leading banking groups, we have been at the forefront in financing major infrastructure and property development projects across many countries,” he added.

The Tribeca tower, designed by architect Michel Abboud with Ismael Leyva Architects as the architect of record, will offer residents unparalleled panoramic views of Manhattan from its location at the southern edge of the Tribeca Historic District.

Featuring interiors and amenities designed by Piero Lissoni, the tower will be neighbor to a museum and public green space designed by Pritzker-Prize award winning architect Jean Nouvel.

Stribling Marketing Associates will serve as exclusive sales and marketing agent for 45 Park Place, Maybank said.