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Block 675 Tower A

Jeff Levine Lining Up $415M in Construction Financing for Hudson Yards Tower



Jeffrey Levine’s Douglaston Development is shopping around for a $415 million construction loan for its planned $580 million multifamily development at 601 West 29th Street near Hudson Yards, Commercial Observer has learned.

[...]

Douglaston plans to erect a 58-story, 931-unit apartment tower at the site—on the corner of 11th Avenue adjacent to the High Line—designed by architectural firm FXCollaborative. The project is on a 42-month temporary certificate of occupancy construction schedule and set to wrap in 2022, according to Greystone Bassuk President Drew Fletcher, who is negotiating the debt.
 

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Hudson Yards continues its growth.

Douglaston brings in new partner on West Side resi tower, lands construction loan

Douglaston Development has landed $415 million in construction financing for its new residential tower near Hudson Yards — and a new partner to help get the job done.

Douglaston, the development firm led by Jeffrey Levine, created a joint venture with the publicly traded Ares Management Corporation to develop a 931-unit luxury residential project at 601 West 29th Street at the corner of 11th Avenue, Douglaston and Ares announced Thursday.

The venture also secured construction financing from a group of banks led by HSBC and including Bank of China, Landesbank Hessen-Thüringen, Santander Bank and Raymond James Bank, Douglaston said. It also closed on about 120,000 square feet of air rights from Hudson River Park. The proceeds of that sale will go toward “significant park improvements in the neighborhood,” the developer said.

Ares also has committed to invest $160 million in joint-venture equity into the project, according to Greystone, whose Drew Fletcher, Paul Fried, Matthew Hirsch and Bryan Grover advised the joint venture on the debt and equity raises.
photo of the site by ILNY


601 West 29th St by NyConstructionPhoto, on Flickr
 

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Hudson Yards badly needs one really tall dominant building.
 
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