The First Investor QSCC, the investment banking unit of Qatar’s Barwa Bank QSC, raised about $390 million of Islamic financing to fund construction of Washington’s CityCenterDC project.
JPMorgan Chase & Co. (JPM:US) led the deal for TFI’s U.S. Real Estate Fund, according to an e-mailed statement from TFI. The financing was arranged by TFI and its development partner, Hines Real Estate Investment Trust Inc.
“The attractive financing terms offered by the JPMorgan-led syndicate are a further validation of the project’s profile and strong commercial merits,” TFI’s Chief Executive Officer Khalid Al Subeai said in the statement.
CityCenterDC is an eight-acre development in the U.S. capital planned by the U.K.’s Foster + Partners Ltd., including apartment buildings, condominiums, offices, retail and hotel rooms. Construction started in March 2011.
A sharia-compliant loan, or murabaha, complies with Islamic law’s ban on interest.
To contact the reporter on this story: Stephen Morris in London at email@example.com.
To contact the editor responsible for this story: Faris Khan at firstname.lastname@example.org.