Related Companies and Oxford Properties Group said the companies closed on over $5 billion of financing for 30 Hudson Yards, which is the proposed site’s flagship office building that includes one million square feet of retail space and restaurants.
Aside from Related and Oxford (who are equity investors in the retail complex), investors in 30 Hudson Yards include Time Warner Inc., KKR and Wells Fargo & Co. Deutsche Bank served as a lead arranger and administrative agent on the deal while Bank of China, Crédit Agricole, and Industrial and Commercial Bank of China served as joint lead arrangers. Bank of America, CIBC and Wells Fargo also had roles as agents and arrangers. The Bank of Nova Scotia served as documentation agent for “The Shops and Restaurants lender group,” the companies said.
Jeff T. Blau, chief executive officer of Related Companies, said, “In the past few weeks alone we have closed on over $6 billion of capital, announced commitments to purchase commercial space by both KKR and Wells Fargo and added two new chefs to our restaurant offerings. These transactions represent a tremendous inflection point for Hudson Yards and the continued transformation of the West Side.“
Blake Hutcheson, chief executive officer 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.”
The closing today follows a prior announcement of $1.3 billion in funding for the site’s inaugural residential tower at 15 Hudson Yards.
Completion of 30 Hudson Yards is set for 2019. At 10 Hudson Yards, the development is 90 percent committed “with Boston Consulting Group, Coach Inc., L’Oréal USA, SAP and VaynerMedia all taking space in the 52-story tower. Initial occupancy at 10 Hudson Yards will commence in early 2016.” Meanwhile, the Shops & Restaurants at Hudson Yards, which will be designed by Elkus Manfredi Architects, “will offer a new retail and dining experience not found anywhere else in New York,” the companies noted.
“In addition to bringing some of the world’s most celebrated chefs to Manhattan’s West Side including Thomas Keller, José Andrés and Costas Spiliadis; The Shops & Restaurants at Hudson Yards will also be home to New York City’s first-ever Neiman Marcus,” the companies said.
The Shops & Restaurants is targeted to open in 2018 at the 28-acre site.