Posted Sep 13, 2015, 10:13 AM
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U.K. hedge fund finances a Hudson Yards residential tower
Amanda Fung
September 11, 2015
Quote:
A London-based hedge fund is financing a residential tower at Hudson Yards. The Children's Investment Fund, which has banked projects by other major developers, including Harry Macklowe and Larry Silverstein, is providing $850 million in construction financing for the condo portion of Related Cos.' 15 Hudson Yards, according to The Real Deal.
Construction on Related's mixed-use tower at 553 W. 30th St. will begin in February. It will have 285 market-rate condos and 106 affordable rentals. The affordable units will be financed through a loan provided by the New York State Housing Finance Agency via the 80/20 program.
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