Largest Mixed-Use in US History Scores $5B in Financing
Related Cos closed a $5B financing deal for their massive Hudson Yards project in New York.
The financing package combines $2.2B in debt with investments from Related and Oxford, along with office condo sales to Time Warner, KKR and Wells Fargo.
Wells Fargo snatched up 500k SF in the 90-story flagship tower at 30 Hudson Yards. The banking giant plans to relocate its NYC business from Midtown's Seagram Building—bringing Wall Street out West, according to CoStar.
Time Warner did its part by buying a new 1.3M SF headquarters on the site, while Related and Oxford threw up a cool $1.3B for the site’s first residential tower.
The site is set to be the largest mixed-use real estate project in U.S. history. 10 Hudson Yards, the first office tower, will open in early 2016. [CoStar]