Moinian Group Wants $3B Financing Package For 3 Hudson Blvd.

A Rendering Of The Moinian Group's 3 Hudson Blvd. Tower

The Moinian Group is reportedly seeking a monster financing package for its Hudson Yards office tower.

The developer is attempting to secure $3B, split between roughly $1.8B in debt and $1.2B in equity, to fund the completion of 3 Hudson Blvd., The Real Deal reports. CEO Joe Moinian had previously announced that he was in search of $500M of funding through the EB-5 visa program at the building's groundbreaking in early November.

Though at the time Moinian said that EB-5 investment would not be required to complete the tower, the hunt for $3B — led by JLL, with a target of early next year — will surely take the company far and wide in search of capital sources with deep enough pockets for the project, projected to cost $2B.

Complicating matters is the 53-story, 2M SF office tower's lack of an anchor tenant. Though the Hudson Yards neighborhood has secured a number of large tenants for under-construction buildings, Moinian's so-far fruitless search led the company to switch brokers for its tenant search from Avison Young to JLL.

A $3B financing package would be among the biggest in the city's history, but nearby 50 Hudson Yards has secured $3.8B, including a $1.5B construction loan signed in September and a 90% equity stake purchased by Mitsui Fudosan. That tower is not expected to be complete until 2022, a year after 3 Hudson, and it already has secured BlackRock as an 850K SF anchor tenant.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Invesco Cuts Fees, Adds Incentives To Quell Fund Redemption Requests

NYC Office Investor Warns It Could Go Under As Defaults Pile Up

Pinewood Studios Pays Owners £100M Dividend And Completes £300M Refinancing

Large Commercial Real Estate Sales Up 30% Despite Economic Headwinds

Evergrande Founder Sentenced To Life, 56 Others Sent To Prison In China

Coconut Grove Office Flipped For $15M Gain After One Year

Chetrit Group 'Being Dissolved' As Family Turmoil Spirals

Oxford Properties Pays $435M For Boston Office Tower, Eyes More Deals

Century 21 Retail Redevelopment Advances With New Financing, Leases: The N.Y. Deal Sheet

Avison Young Plans Second Major Recapitalization Since 2024

Goldman Sachs To Buy Sale-Leaseback Specialist LCN For Up To $410M

Judge Approves $70M Sale Of Philly's Largest Office Complex