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

The developers also snagged an equity investment

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


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
Mark Calabria and Sandra Thompson (Getty, FHFA)
Biden ousts Fannie, Freddie overseer, leaving firms in gov’t hands
Biden ousts Fannie, Freddie overseer, leaving firms in gov’t hands
Joseph Tabak, 530 West 30th Street and Related's Stephen Ross (Getty, Related)
Related sues Joseph Tabak for skipping rent in Hudson Yards
Related sues Joseph Tabak for skipping rent in Hudson Yards
Salesforce CEO Marc Benioff and Amazon's Jeff Bezos are backing the startup (Getty, Arrived)
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Coinbase CEO Brian Armstrong and 55 Hudson Yards (Getty, Godsfriendchuck/Wikimedia)
Coinbase opening first NYC office at 55 Hudson Yards
Coinbase opening first NYC office at 55 Hudson Yards
Real Estate EFTs See Investment Amid Pandemic Recovery
Why investors are rushing into real estate ETFs
Why investors are rushing into real estate ETFs
arrow_forward_ios

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

Loading...