Vornado, Oxford revealed as lenders on HFZ’s High Line project Developers partnered with SL Green on $138.2M mezzanine financing
Vornado Realty Trust and Oxford Properties Group, along with SL Green Realty, are mezzanine investors in HFZ Capital Group’s Bjarke Ingels-designed condo development 76 11th Avenue, according to SL Green’s quarterly report.
The three companie上海贵族宝贝论坛 s add to the growing list of devel爱上海同城手机版 opers issuing mezzanine loans to their peers, filling a void left as some traditional lenders retreat from condo construction financing.
Oxford , Vornado and SL Green each hold a one-third stake in a $138.2 million loan package secured by the property’s owning entity. According to SL Green’s report, the loan closed in March. A source familiar with the deal told The Real Deal that the loan is part of an acquisition financing package led by JPMorgan that HFZ secured last May. Howard Michaels Carlton Group arranged the financing. TRD and other outlets reported SL Green’s involvement in the project’s financing at the time.
HFZ bought the 36,000-square-foot development site, which straddles the High Line between 18th and 19th Streets, for $870 million last May. It plans to build two retail and condo towers totaling 764,000 square feet. HFZ’s Ziel Feldman told TRD last year that the roughly 300 apartments will average between 1,500 and 2,000 square feet and ask between $4 million and $8 million.
Over the past year, a growing number of development have issued mezzanine loa[……]