Related, Oxford score $1.2B loan for 35 Hudson Yards

The developers also snagged an equity investment

TRD New York /
Jul.July 28, 2016 02:38 PM

Related Companies and Oxford Properties group have landed a $1.2 billion loan to build 35 Hudson Yards.

The Children’s Investment Fund, a U.K.-based hedge fund, provided the debt for the 1,000-foot tall mixed-use tower, the developers said in a release Thursday. The loan covers part of the tower’s $2 billion price tag, which is also being financed through an undisclosed equity investment.

“This capitalization further underscores the appeal of Hudson Yards with both global capital and global companies,” Stephen Ross, chairman of Related TRData LogoTINY, said in a statement.

The tower will have 137 condos and an Equinox Fitness Center at the base.

The London-based hedge fund has recently bankrolled a number of high-profile development projects in New York City. The fund provided an $850 million loan for Related and Oxford’s 15 Hudson Yards, a 70-story mixed-use tower that will have 285 market-rate condos and 106 affordable rental units.

The fund also provided $400 million for Harry Macklowe’s 432 Park Avenue and $600 million for Silverstein Properties’ condo and hotel at 30 Park Place.[Crain’s] —Kathryn Brenzel

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