Starwood Property Trust Inc. led the origination of a $475 million loan for the first phase of Related Cos. and Oxford Properties Groups’ Hudson Yards development on Manhattan’s West Side.
Plans call for the Hudson Yards project to include more than 13 million square feet of office, residential and retail space once completed, as well as 14 acres of open space and parks.
The 26-acre development on the northwest corner of 30th Street and 10th Avenue in Manhattan will ultimately be the largest private master-planned development in the city’s history, according to Starwood. The Greenwich real estate investment firm is led by Barry S. Sternlicht, who also founded and is CEO of Starwood Capital Group.
The loan provided by Starwood and other financing partners will go toward the construction of the development’s 47-story, 1.7 million-square-foot South Tower that will be home to the likes of Coach Inc., L’Oreal USA and SAP.
The South Tower, which is under construction with occupancy slated for 2015, is the first vertical development of the Hudson Yards project.
