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Young Woo lands $130M for 2420 Broadway

Shanghai Commercial provided the debt

Rendering of 2420 Amsterdam Avenue (Credit: Yungwoo & Associates)

Young Woo’s Yungwoo & Associates and Beijing Construction and Engineering Group have secured $130.6 million in financing from Shanghai Commercial Bank for the construction of a mixed-use project at 2420 Amsterdam Avenue in Washington Heights. 

Financing Breakdown: Shanghai Commercial provided a $45.5 million project loan, a $70.5 million building loan, and took on a $14.6 million senior loan from HSBC Bank, according to TRD.

Plans… Upon completion, the property will consist of office space (145,000 SF), ground-floor retail (8,000 SF), and a 221-key hotel (93,000 SF). The developer paid $12 million for the site in 2013.

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