Affinius Capital LLC originated a $215 million-loan alongside a senior loan from Kennedy Wilson to finance the ground-up development of Milano Residences, located in Midtown Manhattan. The loan was made to a joint venture between Sioni Group and AB & Sons, alongside a junior mezzanine loan from Intervest Capital Partners. Henry Bodek of Galaxy Capital arranged the financing, which reportedly totaled $275 million.
Perry Katz, SVP at Affinius, said, “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, a Class A, 75-story building currently under development, will contain 311 residential units. It will include 284 for-rent multifamily units with 30% designated as affordable housing, as well as 27 for-sale condominium units. The project is located at 989 Sixth Ave., on the southwest corner of 37th Street and Sixth Avenue.
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