Related, Oxford set up $1.5B Hudson Yards retail loan

Bank of China, Deutsche Bank leading financing for seven-story retail pavilion

New York /
Oct.October 21, 2015 05:45 PM

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


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
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
Related Companies’ Stephen Ross and The Cortland (Related Companies, The Cortland, Getty)
New development boom dead, with mortgage rates a prime suspect
New development boom dead, with mortgage rates a prime suspect
Stephen Ross and 50 Hudson Yards (Getty Images, Hudson Yards New York)
Related lands $349M for 50 Hudson Yards
Related lands $349M for 50 Hudson Yards
Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
Sutton faces foreclosure on Times Square American Eagle
Sutton faces foreclosure on Times Square American Eagle
Brookfield Properties’ Brian Kingston with Two Manhattan West (Brookfield Properties, Getty)
Hedge fund finds 283K sf at Two Manhattan West
Hedge fund finds 283K sf at Two Manhattan West
Jeremy Strong as Kendall Roy in Succession with 35 Hudson Yards, PH90 (Corcoran, Macall B. Polay/HBO, Getty)
Penthouse atop 35 Hudson Yards sells for 41% discount
Penthouse atop 35 Hudson Yards sells for 41% discount
arrow_forward_ios

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

Loading...