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

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

TRD 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

Related is the latest developer to target the Rockaways

Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

Jerry Rotonda (Credit: LinkedIn)

Former Deutsche Bank exec has defaulted on $3M loan, lawsuit says

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

arrow_forward_ios