$3.8B Financing Closed for 50 Hudson Yards

The developers of 50 Hudson Yards have closed on the $3.8 billion package of financing that they will need to build the 2.9-million-square-foot, 58-story development, which will be New York City’s fourth largest commercial office tower.

“This transaction represents the final piece of financing for the entire eastern rail yards, which now totals over $18 billion in capital from marquee investment partners, and the full capitalization of 50 Hudson Yards, a visionary building for visionary companies,” said Jeff Blau, CEO of Related Companies, which partnered with Oxford Properties Group and Mitsui Fudosan America on the project, the site of many large leasing transactions.

Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corporation served as co-lead arrangers for the $1.5 billion senior construction loan. Related, Oxford and Mitsui Fudosan committed the balance of capital required for the development.

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