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Related secures $200M loan for Hudson Yards resi tower
JPMorgan provides financing for Ismael Leyva-designed 520 West 30th Street
UPDATED, 4:55 p.m., Oct. 6: Related Cos. secured a $200 million building loan from JPMorgan Chase for its 28-story Hudson Yards residential tower at 520 West 30th Street, property records show.
The financing consists of a building loan valued at $125.8 million and a project loan valued at $24.6 million, according to filings. Related also secured a $49.5 million acquisition loan, according to the New York Observer.
The Ismael Leyva-designed residential building will house 174 apartments across nearly 207,000 square feet of space. Related released a rendering for 520 West 30th Street last year, with the building – located between 10th and 11th avenues – slated to stand 354 feet tall. The property is part of the firm’s Hudson Yards megaproject.
On Monday, it was reported that Related acquired a McDonald’s at the corner of West 34th Street and 10th Avenue — the final parcel needed to build a mixed-use development of up to 3.3 million square feet at 50 Hudson Yards.
Law360 first reported the news of the $125.8 million building loan for 520 West 30th Street.