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 Article

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

“The only thing we worry about is the calamitous recession”: Barry Sternlicht tells analysts in Q2 earnings call

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

Facebook close to finalizing Hudson Yards office deal: report

Stephen Ross at the opening of the Hudson Yards

Stephen Ross says criticism of Hudson Yards reflects anti-business sentiment in NYC

From left to right: Elizabeth Ann Stribling-Kivlan (president of Stribling & Associates), developer Michael Shvo, MaryAnne Gilmartin (CEO of L&L Mag), Vishaan Chakrabarti (founder of PAU Studio) (Credit: Emily Assiran)

Developers and brokerage heads riff on Stribling sale, condo pricing and myths about Billionaires’ Row at TRD forum

RXR Realty's Scott Rechler and CBRE's MaryAnn Tighe (Credit: Emily Assiran)

Rechler and Tighe on the future of CRE and city politics

Starwood earnings down 30% as REIT writes off losses from regional malls

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site