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.
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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 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)