Related Companies and Oxford Properties Group have secured more than $6.3 billion in financing at the massive Hudson Yards development on Manhattan’s far west side.
Just over $3 billion of the financing comes in the form of debt.
The financing backs the one million sq ft Shops and Restaurants at Hudson Yards, the site’s inaugural residential tower at 15 Hudson Yards, and its flagship office tower at 30 Hudson Yards.
A $1.5 billion loan backs the Shops and Restaurants at Hudson Yards. Deutsche Bank served as lead arranger and administrative agent; Bank of China, Crédit Agricole, and Industrial and Commercial Bank of China served as joint lead arrangers; and The Bank of Nova Scotia served as documentation agent. Equity investors in the retail complex were Related and Oxford.
The package at 15 Hudson Yards includes an $850 million construction loan from The Children’s Investment Fund; equity from Related, Oxford and an undisclosed sovereign wealth fund, as well as tax-exempt bonds from New York State Housing Finance Agency.
A $690 million loan on 30 Hudson Yards was backed by Bank of America, serving as lead arranger and administrative agent; and Wells Fargo and CIBC as joint lead arrangers. Additional investors include Time Warner Inc., KKR, Wells Fargo & Co., Related and Oxford.
Construction is already underway on 10 million sq ft of space on the site’s 28 acres, with the first office tower, 10 Hudson Yards, scheduled to open early next year.