Related Cos. and Oxford Properties Group have tapped the Bank of China and Deutsche Bank to lead $1.5 billion in construction loan financing for the 1 million-square-foot Shops & Restaurants at Hudson Yards.
The retail construction loan, due to close in the next few week, would be one of the year’s largest debt deals. Other lenders in the transaction include Credit Agricole and the Industrial and Commercial Bank of China.
Terms of the debt were not disclosed, according to the New York Observer, but the loan would help bring to fruition the seven-story retail and restaurant pavilion at Hudson Yards.
Shops & Restaurants at Hudson Yards, scheduled to open in 2018, will house around 100 businesses including Thomas Keller’s new restaurant and a 250,000-square-foot Neiman Marcus department store anchoring the shopping center’s top three floors.
The retail project will connect two office towers on the east end of Related’s 28-acre Hudson Yards megaproject. It is expected to attract more than 24 million people while generating an estimated $1 billion annually. [NYO] – Rey Mashayekhi