Posted May 7, 2015, 7:55 PM
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HFZ secures $1B in financing for High Line site
Deal allows the firm to close on one of the city’s priciest development acquisitions
May 07, 2015
Konrad Putzier
Quote:
Ziel Feldman’s HFZ Capital Group has closed on more than $1 billion in financing for its High Line development site, according to sources involved in the transaction.
The financing will cover the $870 million purchase price for 518 West 18th Street, as well as other pre-development expenses. A group including BlackRock and SL Green provided the money.
Howard Michaels’ Carlton Group represented HFZ in the transaction. Michaels couldn’t be reached for comment. According to sources, 70 percent of the financing package is a loan and the rest equity.
HFZ reached an agreement to buy the site, located between 11th Avenue and the High Line, last year. The financing will now allow the developer to close on one of the most expensive development acquisitions ever recorded in New York, at $1,100 per square foot.
From left: HFZ’s Ziel Feldman, 518 West 18th Street , and Carlton’s Howard Michaels
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