HFZ Capital Group Gets $1.25B Construction Loan For High Line Development
The Eleventh, which is planned to cover a full city block at 76 11th Ave. between West 17th and 18th streets, is projected to cost $1.9B. After an 18-month search for financing, HFZ has secured a $1.25B loan from UK-based Children's Investment Fund to move ahead with the project, The Real Deal reports. HFZ confirmed the loan to Bisnow.
The Eleventh, designed by Bjarke Ingels Group, will be 950K SF composed of 240 condominiums, 137 five-star hotel rooms operated by Six Senses Hotel Resorts Spas and 90K SF of retail. Condos are expected to cost between $4M and $8M, and are expected to go on sale later this year.
HFZ Capital purchased the property from Edison Properties for $870M in 2015, and now that the hunt for financing is over, completion is expected in 2019.