NEW YORK | 500 W. 30th St |325 FT | 32 FLOORS

[NYguy]

http://www.crainsnewyork.com/article...TATE/111129926

Related lands $200M loan for West Side tower
Credit will be used to finance construction of apartment tower on West 30th Street and Tenth Avenue,
near spot where developer plans to build headquarters for Coach Inc.


By Theresa Agovino
November 28, 2011

The new Coach Inc. headquarters isn't the only building Related Cos. will be constructing on the far West Side in the near future.

Sources say the company has reached a deal for a loan of roughly $200 million to be used to finance construction of a 30-story apartment house on a lot on West 30th Street and Tenth Avenue, close to Related's massive Hudson Yards project. The loan is slated to close early next year.

The developer is building the 400-unit property along with partner with Abington Properties. The tower will be built under New York State's 80/20 Program, which means that 20% of the apartments must be reserved for low-income residents.The program provides for low-interest bond financing for construction, but the loan provides credit enhancement for the bonds.

It was unclear when the building might be completed, but sources said it would likely be before the Coach tower which is slated to be ready in 2015.