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Related-Hudson JV Closes on Financing for Ninth and Final Roosevelt Island Building
Related Companies and The Hudson Companies have closed on $185 million in construction financing for the ninth Riverwalk building, a development in the Riverwalk neighborhood of Roosevelt Island. The new facility will include workforce housing for Memorial Sloan Kettering Cancer Center employees, market-rate rental apartments and office space.
The $185-million project includes $111 million of financing from Wells Fargo. In conjunction with the closing, Related and Hudson are executing the ground lease for the site from the Roosevelt Island Operating Corporation.
The start of work on Riverwalk 9 in the coming weeks will mark the culmination of a more than quarter-century-long effort by the Related-Hudson joint venture. “Riverwalk 9 is the realization of decades of hard work and resiliency through multiple challenges, including economic downturns and a global pandemic, to create new housing opportunities and further support the Roosevelt Island community and New York,” said Related EVP Frank Monterisi.
- ◦Development
- ◦Financing
