Related Companies and Oxford Properties Group secured $5 billion in construction funding for a 90-story office tower and connected mall at Hudson Yards. The announcement marks a major step towards completion of the megadevelopment on the far West Side.
The financing package includes a $1.5 billion loan from a syndicate of foreign banks for the mall and $690 million loan from a syndicate led by Bank of America and Wells Fargo for the office tower, 30 Hudson Yards. The remainder of the funds is equity from the EB-5 visa program and from office condo sales to investment firm KKR, Time Warner and Wells Fargo Securities. Wells Fargo agreed to occupy 500,000 square feet at the 90-story tower. KKR and Time Warner will occupy 334,000 and 1.5 million square feet, respectively, as previously reported.