Related just finalized a massive construction loan for 50 Hudson Yards

Developer and its partners have raised more than $18B for project

TRD New York /
Sep.September 05, 2017 09:04 AM

Related Companies has closed on a $1.5 billion senior construction loan for 50 Hudson Yards, meaning that the company and its partners have raised more than $18 billion for the first phase of the entire Hudson Yards development.

The loan, one of the largest of the cycle, was provided by a consortium of banks, including Bank of China, Deutsche Bank, Wells Fargo, HSBC and Sumitomo Mitsui Banking Corporation, the Wall Street Journal reported. Related and its partners, Oxford Properties Group and Mitsui Fudosan America, are providing the remaining financing for the office tower.

The Real Deal first reported that Related was in advanced talks for a $2.5 billion financing package from the banks. At the time, it appeared that the financing included a roughly $700 million equity injection and a $1.8 billion senior loan from the syndicate of banks. Mitsui Fudosan announced last week that it had taken a 90 percent equity stake in the office tower, which is expected to cost around $4 billion, the most expensive in city history.

BlackRock is slated to be the building’s anchor tenant, having agreed to take 850,000 square feet across 15 floors of the 2.9-million-square-foot building. The building is expected to be completed in 2022. [WSJ] — 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
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
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
New York City council member Margarate Chin, Mayor Bill de Blasio and council member Carlina Rivera (Getty; iStock)

Why the Soho rezoning will pass — and Gowanus, too

Why the Soho rezoning will pass — and Gowanus, too
Craig Solomon

The REInterview: Square Mile’s Craig Solomon on his big bet on studio space, today’s capital stack and the dangers of socialism

The REInterview: Square Mile’s Craig Solomon on his big bet on studio space, today’s capital stack and the dangers of socialism
Stephen Ross and Time Warner Center (Getty)

Stephen Ross slashes price of Time Warner Center penthouse

Stephen Ross slashes price of Time Warner Center penthouse
529 Fifth Avenue and Silverstein Properties' Larry Silverstein (Google Maps; Getty)

Silverstein gets $171M refi for 529 Fifth Avenue

Silverstein gets $171M refi for 529 Fifth Avenue
arrow_forward_ios

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

Loading...