May 11, 2017
HFZ Capital Group took out a $1.25-billion construction loan to keep building The Eleventh, a giant, new luxury mixed-use development on the High Line in Manhattan.
“We’re pleased that our lender shares our vision for The Eleventh,” said Ziel Feldman, chairman and founder of HFZ. That vision includes a twisted towers design by architects Bjarke Ingels Group. “This project captures the modern age, and Bjarke Ingels helps to showcase the era in the skyline for all to enjoy.”
The two high-rise towers will rise 300 and 400 feet, filling the block between the High Line park and the Hudson River at 76 11th Ave. It will include about 240 condominiums, plus a the flagship North American urban hotel from Six Senses Hotels Resorts Spas, based in Bangkok.
HFZ originally secured $870 million in acquisition and pre-development financing in May 2015 from a consortium of lenders, including JPMorgan, BlackRock and SL Green Realty. HFZ has already used that financing to start construction. The towers are expected to open in 2019. Sales of condominium residences will begin later this year.
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