The Real Deal New York

Zeckendorf lands $175M refi for 520 Park

Loan from HSBC replaces financing from Children's Investment Fund
By Eddie Small | March 13, 2018 03:15PM

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.