A $3.8bn (£2.9bn) financing of 50 Hudson Yards, New York, has been agreed by Related Companies, Oxford Properties and Mitsui Fudosan America.
The transaction for the Foster + Partners-designed office tower represents the final financing for the first phase of development at Hudson Yards, totalling more than $18bn.
Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corporation served as co-lead arrangers for the $1.5bn senior construction loan. Related, Oxford and Mitsui Fudosan committed the balance of capital required for the development.
Anchored by Blackrock, 50 Hudson Yards is a 2.9m sq ft, 58-storey commercial tower which is promised to “reset expectations for commercial tenants and set a new standard for the workplace of the future.”
Related, Mitsui and Oxford also partnered on 55 Hudson Yards, which will open in 2018 and be home to occupiers including law firm Boies, Schiller & Flexner, Intercept Pharmaceuticals and electronic trading platform MarketAxess.
Jeff Blau, chief executive of Related Companies, said: “Designed by one of the most celebrated architects in the world, the park-front building offers large, light-filled floorplates, unparalleled amenities and direct connections to the subway and diverse retail, dining and entertainment experiences.
“This compelling combination of design, innovation and conveniences will reset expectations for the workplace of the future and makes the building an ideal fit for forward-thinking global companies and their leadership.”
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