Despite claims of financing being harder to come by, developers keep landing mammoth loans.
GID Development Group and Abu Dhabi Investment Authority subsidiary Henley Holding Co, which are partnering to build a 1,132-unit project along the Hudson River, have acquired $2.3B in construction financing, the Wall Street Journal reports.
The two received $1.2B from Wells Fargo, HSBC USA, JPMorgan Chase and the National Bank of Abu Dhabi, and will be contributing more than $1B in equity. The loan bucks the trend of developers turning to alternative lenders as banks and insurance companies have grown more cautious.
GID acquired the three adjoining waterfront sites in 2013, hoping to take advantage of “possibly the last waterfront development opportunity on the Upper West Side” and build an “authentic New York neighborhood,” GID president James Linsley told the WSJ.
The five-acre, three-building project, known as Waterline Square, was designed by Rafael Viñoly, Richard Meier & Partners and Kohn Pedersen Fox. The towers will be built of glass, stone and metal and range from 34 to 38 stories tall. Twenty percent of the apartments will be affordable in exchange for the 421-a tax abatement. The project is expected to be completed in 2019. [WSJ]
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