Starwood to loan Related $450M for Hudson Yards

TRD New York /
Feb.February 15, 2013 02:00 PM

In the latest sign that the construction loan market is getting back on its feet, Starwood Property Trust is nearing the final steps of issuing a $450 million construction loan to the Related Companies for the first phase of the Hudson Yards development, the New York Observer reported. The loan is slated to close in the next 30 days.

If the loan is issued, it will mark the latest in recent activity for Starwood. As previously reported, the developer of the Charles condominium at 1355 First Avenue nabbed $86 million in construction loans from Starwood. Also, the Observer said, Starwood and a controlled fund closed $475 million in acquisition and construction financing for 701 Seventh Avenue, known as the Times Square Gateway Center.

Related and Oxford Property Group are developing the first tower, a 47-story property set to be the home of luxury retailer Coach.

A spokesperson for Related told the Observer that construction on the tower began in December and that they have their “financial commitments” for the building set in place. [NYO]Zachary Kussin

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Related Chairman Stephen Ross (Credit: Getty Images, Wikipedia)

Related drops 700-foot-long “wall” from Hudson Yards plan

Related Companies chairman Stephen Ross and Hudson Yards (Credit: Getty Images)

Next phase of Hudson Yards could include 700-foot-long wall

15 Hudson Yards (Credit: StreetEasy)

Hudson Yards pad resells for 22% premium

Amazon CEO Jeff Bezos with 410 Tenth Avenue and 1251 Sixth Avenue with Mitsui Fudosan America’s John Westerfield (Credit: Google Maps, Getty Images, Wikipedia)

Amazon’s West Side deal tops list of Manhattan’s biggest December office leases

(Credit: Getty Images, iStock)

Small Talk: Real Estate Predictions for 2020