May 15, 2017 Comments Off on Related Closes in on $2.5B Financing for 50 Hudson Yards Tower Views: 763 National News, New York News, Northeast

Related Closes in on $2.5B Financing for 50 Hudson Yards Tower

New York-based Related Companies and Oxford Properties Group are reportedly close to securing a $2.5-billion financing package for 50 Hudson Yards, a 2.9-million-square-foot office tower in New York City. The $3.9-billion development cost makes it the most expensive in New York.

The package is said to include an equity investment of nearly $700 million, as well as a senior loan from syndicate banks of $1.8 billion. The equity financing reportedly involves a foreign institutional investor. The five-year construction loan is being arranged by Deutsche Bank, Wells Fargo and Bank of China, with a term sheet expected within weeks.

The 62-story, 985-foot tall skyscraper is located at 33rd Street and 10th Avenue, spans an entire city block and will be New York City’s fourth largest office tower. Construction is slated to start this year, and deliver in 2022. BlackRock has already committed to 850,000 square feet on 15 floors for its corporate HQ.

Read more at Crain’s NY

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