Originally posted by RW on SSC:
Coach tower financing faces deadline
By Friday lenders must submit proposals to Related Cos. to finance construction of its 46-story, 1.7 million-square-foot tower for Coach on the West Side.
By Theresa Agovino @theresaagovino
August 14, 2012 1:15 p.m.
"Banks eager to lend Related Cos. and its partner between $300 million and $400 million for the construction of the first tower at the developer's massive Hudson Yards project west of Penn Station must have their proposals in by the end of the week, sources familiar with the transaction said.
Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. are among the banks Related approached about lending money for construction of the 1.7 million-square-foot, 46-story tower at West 30th Street and 10th Avenue that will stand next to the northern end of the High Line.
Coach Inc. agreed to become the anchor tenant there late last year and will put up about $500 million towards construction of the tower where it will own its 750,000-square-foot office. Related and its partner, Canada's Oxford Properties Group, will put in over $300 million. The tower is slated to be competed by 2015..."