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HFZ Closing In On $1.2B In Construction Financing For The Eleventh Megaproject

A rendering of The XI condo project on Manhattan's West Side.

Ziel Feldman’s HFZ Capital Group is closing in on $1.2B in construction financing—one of the largest loans for this cycle—for the Eleventh (pictured).

HFZ’s 950k SF, Bjarke Ingels-designed Chelsea mixed-use project is slated to cost $1.9B. The Children’s Investment Fund signed a term sheet earlier this month to provide HFZ with the financing, The Real Deal reports.

Christopher Hohn's UK-based hedge fund has been an aggressive lender in the NYC market, including providing $850M for Related Cos and Oxford Properties Group’s 15 Hudson Yards.

Located at 76 11th Ave, the two towers—one 400 feet tall, the other 300 feet—will hold 240 condo units (with prices ranging between $4M and $8M), a 137-key five-star hotel and 90k SF of retail.

HFZ has also been looking for $250M in EB-5 funds, and is being financially advised by Howard MichaelsCarlton Group, which brokered $1B in acquisition and pre-development financing from a group of lenders after HFZ bought the site for $870M in May 2015. [TRD]