NYC Developers Obtain $1.2B Construction Loan
GID and Henley Holding Co. obtained $2.3 billion in construction financing for its Waterline Square development on Manhattan’s far West Side. The borrowers claimed more than $1.2 billion in bank loans, and contributed more than $1 billion in equity. The loan comes during a time in which there is little construction financing to be found. Lenders included Wells Fargo, HSBC USA, J.P. Morgan Chase & Co., and the National Bank of Abu Dhabi.
The five-acre, three-building Waterline Square is between West 59th and West 72nd. The foundation work is close to complete on the three buildings, which will have rental units on lower floors, and condos on the upper ones.
The financing demonstrated the partners’ ability to secure a large construction loan from traditional sources. “They are really bucking the trend by getting a construction loan today,” said Ed LaGrassa with Chilton Realty International. “Because of a lack of construction lending available, a lot of projects aren’t going anywhere at the moment.”
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