$479M Construction Loan for Hudson Commons from Investment Fund

Cove Property Group and its institutional partner borrowed $479 million in construction financing to redevelop Hudson Commons, a 25-story, 701,364-square-foot trophy office building in the Hudson Yards/Penn Plaza submarket of Manhattan.

“Given the world-class design, the spectacular transit-oriented location within the Hudson Yards submarket and the stellar reputation of the development team, Cove Property Group was able to achieve highly accretive construction financing,” said Michael Gigliotti, senior managing director for Holliday Fenoglio Fowler, who with Geoff Goldstein and Michael Tepedino secured the financing from investment funds managed by affiliates of Apollo Global Management, including Apollo Commercial Real Estate Finance, Inc.

The redevelopment will add a new 17-story structure on top of the existing eight-story building at 441 Ninth Ave. The building will be able to receive its first tenants by early 2018, and the work will be totally finished by summer 2019.

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