Moinian Group tries to raise $350M in EB-5 funding for 3 Hudson Boulevard

Developer still seeking construction loan for 2M sf tower

Feb.February 07, 2018 08:30 AM

Joe Moinian and a rendering of 3 Hudson Boulevard (Credit: FXFOWLE)

Moinian Group hopes to raise between $250 million and $350 million in EB-5 funding for 3 Hudson Boulevard.

George Washington Immigration Group, an EB-5 regional center, was tapped to arrange the financing, Commercial Observer reported. The regional center structures investments as limited partnerships, the CO reported.

Moinian, led by Joseph Moinian, broke ground on the 53-story, 2-million-square-foot office tower near Hudson Yards last year, but funding remains an open question. The developer has yet to land a construction loan and is looking for a debt and equity package of up to $3 billion to pay for the tower. Moinian in November tapped JLL to lock down the financing, with a capital stack featuring $1.8 billion in debt and $1.2 billion in equity.

Bloomberg first reported in November that Moinian considered raising up to $500 million in EB-5 capital.

The Real Deal broke down the tower’s funding challenge in its January issue.

Beyond the financing quest in Hudson Yards, Moinian has beefed up its lending operation in recent months, with four new financing deals in New York and Miami worth $216 million. [CO]Konrad Putzier

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