IGI-US affiliates $130 million construction loan for Manhattan mixed-use tower
Davis Polk advised affiliates of IGI-US in connection with a $130 million construction loan from Bank Leumi USA. Located at 86th Street near the Second Avenue subway station, IGI plans to build a new boutique tower on the site, which will consist of state-of-the-art two and three bedroom apartments, penthouse apartments and ground floor retail amenities.
IGI is a subsidiary of Izaki Group Investments with over 60 years of global operation with investments in New York City valued at over $2 billion.
Bank Leumi USA is a boutique bank with approximately $7 billion of assets. It has offices in New York City, Chicago, Los Angeles, Palo Alto and Aventura.
The Davis Polk real estate team included partner Michael J. Rishty and associates Nicholas Soilleux, Paulina Gordon and Shua Mermelstein. Partner Po Sit and associate Yixuan Long provided tax advice. All members of the Davis Polk team are based in the New York office.