Partners putting up more than $1B in equity in UWS waterfront project
Despite a tight lending market, the developers of the recently rebranded Waterline Square on the Upper West Side have been able to lock down $2.3 billion in construction financing.
GID Development TRData LogoTINY and its partner Henley Holding Co., a subsidiary of the Abu Dhabi Investment Authority, have borrowed $1.243 billion from lenders Wells Fargo, HSBC USA, J.P. Morgan Chase and the National Bank of Abu Dhabi, the Wall Street Journal reported.
The loan package — one of the biggest of the cycle — comes as traditional lenders pull back on financing and developers turn increasingly toward alternative sources of funding like the EB-5 visa program.
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