St. John’s Terminal redevelopment secures $973M construction loan

Wells Fargo is leading the loan for massive redevelopment at 500 Washington Street

New York /
Feb.February 27, 2020 08:45 AM
St. John’s Terminal and Dean Shapiro of Oxford Properties Group (Renderings via COOKFOX Architects)

St. John’s Terminal and Dean Shapiro of Oxford Properties Group (Renderings via COOKFOX Architects)

Oxford Properties Group’s redevelopment of the St. John’s Terminal has secured a $973 million construction loan.

Wells Fargo will lead the loan, with other banks coming on board as syndicate participants, according to Commercial Observer, which cited sources familiar with the matter.

The high-profile nature of the deal meant several major banks were reportedly vying for the spot, with one lender telling CO, “If you can compete on this deal, you’ll compete.”

CBRE’s James Millon, Tom Traynor and P.J. Finley are reportedly in charge of arranging the debt package.

Google, the sole tenant at St. John’s Terminal, selected the site in 2018 as part of its expansion plan, which will see the company’s New York workforce balloon in coming years.

Renderings for the project, designed by COOKFOX Architects, were first released in 2018. The plans showed the redevelopment would retain the first three stories of the former rail warehouse at 500 Washington Street, and add another nine floors on top.

Dean Shapiro, Oxford’s head of U.S. developments, said at the time that the company considered building a taller structure, but opted for a lower structure with bigger floor plates.
“We think there’s a big demand — and generally an underserved demand — for well-located, extraordinary large floorplates,” he said.
[CO] — Sylvia Varnham O’Regan


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
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
Cohen Brothers Realty’s Charles Cohen and 750 Lexington Avenue (Getty Images, Cohen Brothers Realty, Council on Tall Buildings and Urban Habitat)
Cohen Brothers’ Midtown tower back in special servicing
Cohen Brothers’ Midtown tower back in special servicing
ASG's Steve Reardon, DoorLoop's Ori Tamuz and David Bitton (ASG, DoorLoop)
Property management startup DoorLoop raises $20M
Property management startup DoorLoop raises $20M
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
Dealpath's Mike Sroka (Dealpath, Getty)
Deal management platform Dealpath raises $43M Series C
Deal management platform Dealpath raises $43M Series C
RXR's Scott Rechler and SL Green's Marc Holliday with 5 Times Square (Getty Images, SL Green, 5 Times Square)
RXR lands $1.3B financing for 5 Times Square; SL Green in as partner
RXR lands $1.3B financing for 5 Times Square; SL Green in as partner
arrow_forward_ios

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

Loading...