30 Hudson Yards Closes $5B in Financing

By Alex Lopez, Associate Editor

Related Companies and Oxford Properties Group announced the closing of $5 billion in financing for 30 Hudson Yards, this includes the site’s flagship tower in addition to the one million-square-foot shops and restaurants at Hudson Yards.

Bank of America served as Lead Arranger and Administrative Agent and Wells Fargo and CIBC served as Joint Lead Arrangers for the 30 Hudson Yards lender group. Investors include Time Warner, KKR, Wells Fargo & Co. and, of course, Related and Oxford. 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 for The Shops and Restaurants lender group.

Hudson Yards is currently under construction and the LEED-Gold tower will stand 1,296 feet tall and offer state-of-the-art commercial office space for its tenants. The 2.6 million gross square foot building offers employees river-to-river panoramic views, will host the city’s highest outdoor observation deck and will provide a direct connection to the new ‘7’ subway extension.

Blake Hutcheson, CEO of Oxford Properties Group, said, “Hudson Yards is the epitome of a live-work-play community. Our objective of building the most digitally-connected community in the world is well underway, and we are pleased by the continued support and enthusiasm that the market is showing in respect to all aspects of the development. This transaction is representative of that support, as we continue to attract top tenants, financing partners and lenders. We are one step closer to seeing the Hudson Yards community come alive.”

30 Hudson Yards is fully committed with Wells Fargo, KKR and Time Warner all moving in when the development opens in 2019.

The Shops & Restaurants, designed by Elkus Manfredi Architects, will offer a new retail and dining experience, in addition to bringing some of the world’s most celebrated chefs to Manhattan’s West Side It will also be home to New York City’s first-ever Neiman Marcus. The Shops & Restaurants are scheduled to open in 2018.

Hudson Yards is the largest private real estate development in the nation’s history. The 28-acre site is will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, approximately 5,000 residences, a unique cultural space, 14-acres of public open space, a new 750-seat public school and a 200-room Equinox® branded luxury hotel, When complete, more than 125,000 people will visit, work in or call Hudson Yards their home.