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

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.”

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Google to grow Manhattan fiefdom with potential St. John’s Terminal deal

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Oxford Properties reveals design for St. John's Terminal redevelopment

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