Tag Archives: contruction

Associated JV Lines Up $1.5 Billion Contruction Loan for Next Hudson Yards Tower

Deutsche Bank Reported to be Intrigued in Relocating Wall Street HQ to Planned 2.9 Million SF Tower

Perspective rendering of 50 Hudson Yards
Point of view rendering of 50 Hudson Yards Associated Companies, Oxford Residence Group and Mitsui Fudosan America, Inc. today announced the closing of a $1.5 billion senior construction loan for 50 Hudson Yards, which represents the last piece in the $3.8 billion funding of the enormous development’s flagship tower.

Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corp. arranged the final construction loan for the 59-story, 2.8 million-square-foot tower scheduled for completion in 2022, which will be anchored by BlackRock, Inc., one of the world’s largest investment management business. Deutsche Bank is also reportedly considering 50 Hudson Yards as the German financial institution tries to find 1.3 million square feet in Manhattan to relocate its head office from 60 Wall Street.

The building and construction loan at 50 Hudson Yards, which completes the $2.3 billion capital devoted by partners Related, Oxford and Mitsui Fudosan, represents the complete capitalization for the very first phase of development at Hudson Yards, which now goes beyond $18 billion, including in 2015’s recapitalization of 10 Hudson Backyards, the 1.7 million-square-foot, 52-story workplace tower completed in 2015.

“The pace of industrial leasing at Hudson Yards has been nothing except unmatched, and with all of the commercial area in the neighboring workplace towers successfully spoken for, we are delighted to present 50 Hudson Yards to the marketplace,” Jeff Blau, CEO of Related Companies, stated in a declaration.

John E. Westerfield, CEO of Mitsui Fudosan America, added that the company’s confidence in the Hudson Yards project and its collaboration with Related “has been strongly verified by the outstanding leasing results we have actually attained at 55 Hudson Yards.”

Related, Mitsui and Oxford likewise partnered on the 1.3 million-square-foot 55 Hudson Yards, which is set up to open in 2018, with inaugural anchors that include Boies, Schiller & & Flexner, Cooley LLP, Intercept Pharmaceuticals, Milbank, Tweed, Hadley & & McCloy LLP, MarketAxess, Point72, Third Point and Silver Lake.