Related gets $240M from state to build residential High Line tower

The Related Companies landed $240 million in financing today to begin construction on a 386-unit residential development near the High Line, Crain’s reported. The financing for the project, which will have 77 units permanently reserved for low-income tenants, came from a mixture of tax exempt bonds, tax credits and taxable bonds provided by the New York State Housing Finance Agency.

Related is developing the 32-story building, at 500 West 30th Street near 10th Avenue, with Abington Properties. The property will include 7,293 square feet of retail space, a 78-car garage and parking for 194 bicycles. Construction is expected to be complete in the first quarter of 2014.

The developer was joined by city officials to announce the loan, as the affordable units are part of the Bloomberg administration’s widespread iniative to create and preserve 165,000 affordable units by 2014. [Crain’s]