UK fund loaning $850M for Related’s Hudson Yards resi tower

Children’s Investment Fund has provided financing on 432 Park, 30 Park Place

Sep.September 10, 2015 01:25 PM

A United Kingdom-based hedge fund that’s bankrolled the construction of supertall condos for big shots like Harry Macklowe and Larry Silverstein is making an $850 million loan to the Related Cos. for one of its Hudson Yards residential towers.

The Children’s Investment Fund, founded in 2003 by activist investor Christopher Hohn, is providing $850 million in construction financing for the condo portion of 553 West 30th StreetThe Real Deal has learned.

Also known as 15 Hudson Yards, the 70-story mixed-use tower is slated to begin rising at the southwest corner of the site in February. It will consist of 285 market-rate condos and 106 affordable rental units, the latter of which will be financed separately through a construction loan provided by the state Housing Finance Agency as part of Related’s participation in its 80/20 program.

A spokesperson for Children’s Investment Fund declined to comment. The building is scheduled to be completed in 2018.

Hohn’s London-based company, which is affiliated with a charity group founded by his ex-wife to benefit children in developing nations, is the most active construction financier of Manhattan’s supertall condo buildings.

The fund has opened its checkbook to the tune of $1.7 billion since 2011, as TRD previously reported, issuing building loans to Macklowe’s 432 Park Avenue and Silverstein’s 30 Park Place, as well as Zeckendorf Development’s 520 Park Avenue. Hohn’s declined to comment for this story.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

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

Steve Ross, Eliot Spitzer and a rendering of 451 10th Avenue (Credit: Getty Images) 

Spitzer, Related land $276M in financing for Hudson Yards senior housing project

Clockwise from left: 273 Church Street, 100 Livingston Street, 1135 Boynton Avenue and 1600 Kings Highway with Jeff Sutton (Credit: Google Maps)

Jeff Sutton deal in Brooklyn leads mid-market investment sales

From left: 330 Madison Avenue, 66 Hudson Boulevard and 599 Lexington Avenue (Credit: Google Maps)

Law firms topped the list of January’s biggest office leases in NYC

The Vessel (Credit: Getty Images)

Suicide at Vessel raises issue for Hudson Yards attraction

Clockwise from left: 866 United Nations Plaza, 227 East 59th Street and 39 Clarkson Street (Credit: Google Maps)

Former West Village chocolate factory leads NYC’s mid-market investment sales