Related, Oxford want to raise another $380M in EB-5 funds for Hudson Yards

Financing would help pay for two towers, platform over rails

New York /
Jun.June 09, 2017 06:00 PM

Related Companies and Oxford Properties Group are looking to raise a fresh $380 million from EB-5-investors to fund new buildings in their Hudson Yards megadevelopment, according to an advertisement by Chinese migration agency Wailian Group.

Wailian’s website claims the latest financing would help pay for the 1.1 million-square-foot mixed-use tower 35 Hudson Yards, the 1.7 million-square-foot office building 55 Hudson Yards and for a platform over the rail yards. The partners have reportedly already raised $600 million in EB-5 funds for other buildings in the complex.

A Related spokesperson did not immediately respond to a request for comment.

In January, The Real Deal reported that Related spent $1.4 million on lobbying in an apparent attempt to stop Congress from abolishing the program, which hands out green cards to foreigners who invest in qualifying U.S. real estate projects.

Last month, Kushner Companies came under fire for its use of the program after it showed a photo of President Trump, Jared Kushner’s father-in-law, during a presentation to potential investors in China.

Related and Oxford TRData LogoTINY secured a $1.2 billion construction loan from U.K.-based Children’s Investment Fund for 35 Hudson Yards last year. The tower will include apartments, office space, a spa and an Equinox-branded hotel.

The tower at 55 Hudson Yards, now under construction, has landed hedge funds Third Point Management and Point72 Asset Management as well as law firms Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy as tenants.

(To view more new construction projects in Hudson Yards, click here)


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
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Continuum Company founder Ian Bruce Eichner and the former Spice Factory at 960 Franklin Street (Getty, Google Maps)
Eichner’s Crown Heights rezoning delayed once again
Eichner’s Crown Heights rezoning delayed once again
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Rendering of 300 Huntington Street (Monadnock Development, iStock)
No parking? No problem for Monadnock project in Gowanus
No parking? No problem for Monadnock project in Gowanus
Rendering of 6208 Eighth Avenue (Raymond Chan Architects)
Massive Sunset Park project flounders and an EB-5 investor sues
Massive Sunset Park project flounders and an EB-5 investor sues
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
arrow_forward_ios

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

Loading...