Spitzer, Related land $276M in financing for Hudson Yards senior housing project
M&T Bank is funding the development, which will have 526 units, with about 25% targeted for seniors
Eliot Spitzer and Related Companies have landed $276 million in building and project loans for their 526-unit housing development in Hudson Yards. About a quarter of the units will be for senior housing.
The loans are from M&T Bank, and are split between a roughly $203 million mortgage and a $73.1 million mortgage for 451 10th Avenue, according to property records.
Representatives for Related and Spitzer Enterprises did not immediately respond to requests for comment.
Last week, Related and Atria Senior Living — along with Spitzer and real estate investment trust Welltower Inc. — said it had closed on a partnership at the property. Development began late last year and is expected to be completed in 2022. It will mark the second location for the joint venture’s new series of what it calls “upscale urban senior living communities” and the first on the East Coast. The Related-Atria JV was formed in 2018 to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas.
Spitzer and Related filed plans for their project with the Department of Buildings in June. It will stand 44 stories tall and span about 415,000 square feet, split between 268,000 square feet of residential space, 114,000 square feet of community space and 33,000 square feet of commercial space. Of the 526 residential units, 126 will be for seniors.
The project is part of a larger 1.4 million-square-foot mixed-use development Spitzer and Related are building in Hudson Yards that will also include work at 517 West 34th Street. Spitzer assembled his site for $123 million, and Related closed on its site in 2018 for $96 million.