Real Estate Weekly
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Debt & Equity

German bank refinances 1 Hudson Yards

German banking giant Landesbank Baden-Württemberg has funded a $225 million refinancing of Related Cos. One Hudson Yards.

The new financing replaces existing acquisition, project and building facilities that were used by the owner to develop the 33-story luxury residential property.

Located at 250 West 30th Street, between Tenth and Eleventh avenues, the rental tower opened last summer.

Designed by architect Davis Brody Bond, with interiors by Andre Kikoski Architect and Ismael Leyva Architects, the tower has 178 apartments, ranging from one-bedrooms to a four-bedroom penthouse.
Amenities include an 82-foot pool, a gym, a basketball court, and a bowling alley.

Shearman & Sterling advised Landesbank Baden-Wurttemberg, New York Branch in connection with the loan. The team included counsel Paul Balaam and Robert Fagiola and associate Elizabeth Vinci.
Landesbank Baden-Württemberg (LBBW) is a parent company of three commercial banks and the Landesbank for some Federal States of Germany. As of 2017, it is Germany’s biggest state-backed landesbank lender.

The CO was the first to reporter the loan, which closed April 9, according to city records.

“LBBW is pleased to finance this well-received, unique building with unparalleled access to one of the most vibrant and fastest growing neighborhood in New York City,” Alexander Joerg, LBBW’s head of U.S. real estate finance, told the publication. “We are proud to have led this financing for [Related], which positioned One Hudson Yards perfectly in the dynamic Hudson Yards neighborhood.

Landesbank Baden-Württemberg, New York Branch acted as Administrative Agent and Arranger on the transaction. The permanent loan is secured by a first mortgage on a 301,640 gross square foot building.

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