Zeckendorf lands $175M refi for 520 Park

Loan from HSBC replaces financing from Children's Investment Fund

New York /
Mar.March 13, 2018 03:15 PM

520 Park Avenue and Arthur Zeckendorf

Zeckendorf Development has landed a $175 million refinancing package from HSBC for its luxury condominium project at 520 Park Avenue, according to property records.

HSBC assumed the existing $175 million of loans on the property from Children’s Investment Fund (also known as Talos Capital), which was made in a series of transactions between 2014 and 2017.

Zeckendorf announced it would build the 54-story skyscraper, alternately addressed at 45 East 60th Street, in 2014, and the company landed a $50 million loan to start off. The targeted sellout for the project is more than $1 billion.

Representatives for Zeckendorf did not respond to a request for comment.

Zeckendorf reportedly closed on $450 million in financing from the Children’s Investment Fund in the United Kingdom in 2014, although this transaction has not yet been publicly recorded.

The project, designed by architect Robert A.M. Stern, has 33 units. And it’s already attracted its share of high-profile buyers, including vacuum cleaner mogul James Dyson, who bought a unit for between $73 and $83 million; Barclays CEO Bob Diamond, who bought a unit for between $20 million and $40 million; and former UFC owner Frank Fertitta, who purchased a penthouse for $70 million.

Zeckendorf has sold almost $4 billion of high-end housing throughout the decades, including projects at 515 Park Avenue and 15 Central Park West.


Related Articles

arrow_forward_ios
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
The Colorado Fire burns down toward the Bixby Bridge in Big Sur, California, early Saturday morning. (Photo by Karl Mondon/MediaNews Group/The Mercury News via Getty Images)
Wildfire near Big Sur sends hundreds fleeing
Wildfire near Big Sur sends hundreds fleeing
New York Ranger Jacob Trouba (Getty)
Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
Rangers’ star Jacob Trouba nets Tribeca condo for $6.7M
Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)
John Legend and Chrissy Teigen selling penthouse apartments in Nolita
John Legend and Chrissy Teigen selling penthouse apartments in Nolita
Michael Fulfree and Bianca D’Alessio of Nest Seekers International (Nest Seekers)
They can sell the Hamptons. But can they sell “Selling the Hamptons”?
They can sell the Hamptons. But can they sell “Selling the Hamptons”?
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
Eviction problems hit NJ, NY after moratoriums lift
Eviction problems hit NJ, NY after moratoriums lift
Eviction problems hit NJ, NY after moratoriums lift
arrow_forward_ios

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

Loading...