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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.
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