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RXR lands financing for Pier 57

Nuveen Real Estate provided $375 million in debt

Rendering of Pier 57 (Credit: CoStar Group)

RXR Realty and Youngwoo & Associates have secured a $375 million financing package from Nuveen Real Estate for the redeveloped Pier 57 in Hudson River Park, CO reported.

Financing details: The new financing replaces a $225 million redevelopment loan provided by PNC in 2016. The 10-year balance sheet loan allocates $50 million for the completion of the renovation and tenant installation.

Worth Noting. The Meatpacking District property sits at the very end of 15th Street. Google will occupy 350,000 square SF of the office component (460,000 SF). The project also consists of a 34,000 square feet of public esplanades and a public park on the property’s rooftop (80,000 SF).

Be Smart: Michael Dorf’s City Winery inked a lease at the property earlier this month. The music venue, restaurant, and wine maker plans to open up early next year.

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