Related secures $200M loan for Hudson Yards resi tower

JPMorgan provides financing for Ismael Leyva-designed 520 West 30th Street

New York /
Oct.October 06, 2015 04:05 PM

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.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
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
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
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
David Chang (Getty)
Momofuku Kāwi and Peach Mart close in Hudson Yards
Momofuku Kāwi and Peach Mart close in Hudson Yards
David Wolkoff of G&M Realty. (Getty, 5Pointz LIC)
Wolkoff family firm snags $350M loan for 5Pointz
Wolkoff family firm snags $350M loan for 5Pointz
arrow_forward_ios

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

Loading...