GID in talks for $1B loan for Riverside Center towers

Wells Fargo considers financing construction of three buildings in megaproject

New York /
Jul.July 24, 2015 05:48 PM

GID is negotiating with Wells Fargo and other banks to secure a loan of more than $1 billion for three towers at the Riverside Center development, Crain’s reported. 

The Boston-based development firm led by James Linsley purchased the 92,878-square-foot site, located at 40 Riverside Boulevard, on the Hudson River west of Columbus Circle, for $410.8 million earlier this year, in a partnership with the Abu Dhabi Investment Authority.

The discussions are occurring amid a flurry of big-ticket development loan activity. Insurance giant AIG, along with Apollo Global Management, provided a loan of $725 million to JDS Development and Property Markets Group in late June for the Billionaires’ Row condo at 111 West 57th Street. Back in May, JPMorgan Chase partnered with BlackRock and SL Green Realty to loan $1 billion to HFZ Capital Group for the purchase of 519 West 18th Street.

Some major lenders again seem bullish on New York’s luxury condo development after a period of uncertainty. Not all fears have dissipated though, as these partnership structures indicate. Both these loans, along with many others, included a mezzanine finance component to shield senior lender’s exposure.


Related Articles

arrow_forward_ios
Ryan Serhant and Bess Friendman (Getty, Illustration by Shea Monahan for The Real Deal)
Real estate’s week of tumult and upheaval, large and small
Real estate’s week of tumult and upheaval, large and small
Wells Fargo puts the brakes on mortgage business
Wells Fargo puts the brakes on mortgage business
Wells Fargo puts the brakes on mortgage business
A photo illustration of Douglaston Development CEO Jed Resnick (Getty, NYC Department of Finance, LinkedIn/Jed Resnick)
Douglaston CEO sees 421a dead until 2026
Douglaston CEO sees 421a dead until 2026
Abandoned banks converted into offices
Developers circle abandoned banks for resi, flex-office conversions
Developers circle abandoned banks for resi, flex-office conversions
Friedkin Property's David Friedkin 2 Canfield Avenue (LinkedIn, Google Maps, Getty)
GID sells multifamily complex for $113M
GID sells multifamily complex for $113M
The Row hotel at 700 eighth avenue (Booking, Getty)
Foreclosure looms at struggling Row Hotel
Foreclosure looms at struggling Row Hotel
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
JPMorgan Chase CEO Jamie Dimon (Photo-illustration by Paul Dilakian/The Real Deal, Getty Images)
Ranking New York City’s top real estate lenders
Ranking New York City’s top real estate lenders
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...