SL Green secures $600 million Hudson Yards construction financing

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410 10th Ave.
410 10th Ave. (Image from SL Green)

SL Green has secured $600 million in construction financing for its Hudson Yards office redevelopment project where Amazon will occupy more than half of the building, Crain’s New York Business has reported.

The 410 10th Ave. transaction will release the nearly $34 million that the city’s largest office landlord had invested into the property and will cover all expenses until the project is finished next year, Crain’s said in the published report. The loan from a group of banks led by Goldman Sachs and Wells Fargo also replaces a $465 million construction facility that the company secured last year.

“This financing reflects the global capital market’s continued confidence in Class-A, quality Manhattan office assets with strong, credit-rated tenants, and specifically exemplifies the resiliency of New York City,” SL Green president Andrew Mathias said in a statement. “We now look ahead to completing this project in the third quarter of 2021, on time and on budget.”

The developer began marketing the property for sale with a $1.1 billion price tag in July, Crain’s reported, citing multiple sources. SL Green did not respond to a request for comment.

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