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Douglaston/Ares JV Lines Up Debt for 58-Story Rental Tower
A joint venture of Ares Management Corporation and Douglaston Development will develop 601 W. 29th St., a 58-story, 931-unit residential development located at the intersection of Manhattan’s West Chelsea and Hudson Yards neighborhoods. The project is being designed by FXCollaborative (formerly FXFowle Architects).
Advised by Greystone Bassuk, the JV has received construction financing from a syndicate of banks led by HSBC, with co-lenders Bank of China and Landesbank Hessen-Thüringen and participation in the loan facility from Santander Bank and Raymond James Bank.
The JV also closed upon the acquisition of approximately 120,000 square feet of air rights from Hudson River Park. Proceeds will go toward funding significant park improvements in the neighborhood.
“I am very proud of my team for how far along we have come with this project,” said Douglaston’s Jeffrey Levine. “It took multiple years to get this very complicated, nearly one-million-square-foot site rezoned and assembled.”
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