Related Co's mixed-use wonder Hudson Yards is getting a big construction loan of $1.5B to finance its equally big—in price tag and size—Shops & Restaurants retail section, thanks to the Bank of China and Deutsche Bank.
The loan is slated to close in the next few weeks, making it one of the largest debt deals of this year.
Smaller lenders in the deal include Credit Agricole and Industrial and Commercial Bank of China. Related also wants to raise another $600M through the EB-5 program.
The seven-story, 1M SF retail and restaurant complex is set to open in 2018 and will be home to 100 businesses, including a 250k SF New York flagship Neiman Marcus. Over $1B in annual revenue is expected, the Commercial Observer reported. [CO]
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