GID Development Group (GID) has announced the closing of what it says is the largest residential construction financing of the year, for Waterline Square, a three-building luxury residential development under construction on Manhattan’s Upper West Side along the Hudson River.
The $2.3 billion total package is believed to be the largest for a residential construction project ever in New York City history, consisting of equity investments from the development’s ownership team of GID and the Henley Holding Company, a wholly owned subsidiary of the Abu Dhabi Investment Authority, and a $1.243 billion construction financing provided by a bank syndicate led by Wells Fargo as Administrative Agent along with co-lead arrangers HSBC, National Bank of Abu Dhabi, and JP Morgan. The New York and Boston teams of HFF had an advisory role on the financing arrangement.
“We are extremely pleased to have closed on this sophisticated transaction with the most highly regarded investment partners and real estate lending institutions in the world,” GID Development Group president James Linsley said in a statement in late November. “This financing package reaffirms our confidence in this unique Manhattan waterfront development and our design and development team’s ability to create the most innovative, comprehensive, and cohesive residential experience in New York City.”
“The combination of amazing location, unprecedented amenity program, new park and open spaces, outstanding views, along with a collection of three of the world’s most celebrated architects will position Waterline Square at the forefront of New York City’s truly great development endeavors and luxury residential offerings,” he said.
GID says three architects including Richard Meier & Partners Architects, Viñoly Architects, and Kohn Pedersen Fox Associates were commissioned to design the collection of three residential and mixed-use buildings, which will be set upon a landscaped park spanning approximately three acres, all of which will be developed and completed simultaneously.
Located along the Hudson River from West 59 St. to West 61 St., GID says Waterline Square is being developed on the last remaining waterfront sites on Riverside Blvd. and will complete this waterfront neighborhood’s master plan vision that has been underway for more than two decades.
The developer says each of Waterline Square’s newly constructed buildings will be residential, featuring condominium residences that crown each tower with what are described as sweeping views of the Hudson River and Manhattan skyline. The entire development has more than 100,000 sq. ft. of sports, leisure, and lifestyle amenities among the three towers, as well as a new landscaped park and open spaces at the heart of the development.
The news release did not provide details about the general contractor or subtrades. New York Construction Report has made inquiries to find the answers to these questions.
GID is a privately held, globally diversified, and fully integrated real estate organization founded in 1960 that owns, develops, and manages a premier portfolio of existing properties and development projects valued at more than $16 billion.
With offices in New York City, Boston, San Francisco, Washington DC, Dallas, Denver, and Orange County the company employs more than 650 real estate professionals within divisions specializing in development, acquisitions, real estate funds, international real estate investing, hedge funds, portfolio and asset management, and property management.
During its 56-year history, GID says it has acquired or developed over 60,000 residential units and 15 million sq. ft. of commercial space. GID’s current portfolio includes 82 properties in 14 states consisting of approximately 21,000 residential units and four million sq. ft. of commercial space.
The organization is currently involved in nationwide development activities consisting of an additional 27 development projects in nine states including another 11,000 residential units and approximately two million sq. ft. of commercial space.