Financing in Place for Related’s 500 West 30th Street Tower
Wells Fargo has provided a $190 million construction loan for the Related Co.’s multifamily development at 500 West 30th Street, just off the Hudson Yards development site. The 32-story tower will include 385 rental apartments, retail space and parking. Joanna Rose, a Related spokesperson, told The Mortgage Observer that the project “is expected to go vertical by the end of the year.”
Alan Wiener, group head of Wells Fargo Multifamily Capital, said that the loan is in line with the types of projects the bank tends to finance in the New York area. “It’s going to be an 80/20 and even though it’s outside the Hudson River Yards, it’s right across the street,” Mr. Wiener explained. “We’re providing the letter of credit and it’s being financed by bonds issued by the Housing Finance Agency.”
The Real Estate Finance Group at law firm Morrison & Foerster advised Wells Fargo on the loan. Mark Edelstein, its chair, led, along with partner John McCarthy.
“Our practice is operating on all cylinders and we’re fortunate to be working with the world’s leading lenders in marquee financings in New York and elsewhere,” Mr. Edelstein said. “These deals showcase the range of our financing expertise and the quality of projects and clients we’re associated with.” Morrison & Foerster in fact had a busy May, closing a total of $1.6 billion in real estate deals in the month, including Eurohypo AG’s $740 million disposition of its mortgage loan portfolio.