NEW YORK, Nov. 29, 2016 /PRNewswire/ -- GID, one of the country's leading national real estate organizations, with a portfolio of existing properties and development projects that exceeds $16 billion, announced today the closing of the largest residential construction financing of the year, for Waterline Square, its three-building luxury residential development now 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," said James Linsley, President of GID Development Group. "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."
Three world-renowned and award-winning architects including Richard Meier & Partners Architects, Viñoly Architects, and Kohn Pedersen Fox Associates were commissioned to design an iconic collection of three luxury residential and mixed-use buildings, which will be set upon a beautifully landscaped park spanning approximately 3 acres, all of which will be developed and completed simultaneously.
Located along the Hudson River from West 59th Street to West 61st Street, where Midtown meets the Upper West Side, Waterline Square is being developed on the last remaining waterfront sites on Riverside Boulevard and will complete this waterfront neighborhood master plan vision that has been underway for more than two decades.
Each of Waterline Square's newly constructed buildings will be residential, featuring luxury condominium residences that crown each tower with sweeping views of the Hudson River and Manhattan skyline. The entire development boasts more than 100,000 square feet of best-in-class 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. Corcoran Sunshine Marketing Group will exclusively handle the sales and marketing for Waterline Square, with sales expected to launch in early 2017.
For more information on Waterline Square visit www.waterlinesquare.com.
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 over $16 billion. With offices in New York City, Boston, San Francisco, Washington DC, Dallas, Denver, and Orange County the company employs over 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 has acquired or developed over 60,000 residential units and 15 million square feet of commercial space. GID's current portfolio includes 82 properties in 14 states consisting of approximately 21,000 residential units and 4 million square feet of commercial space. GID Development Group, under the leadership of James Linsley, is currently involved in nationwide development activities consisting of an additional 27 development projects in 9 states including another 11,000 residential units and approximately 2 million square feet of commercial space. GID Development Group, a wholly owned affiliate of GID, develops sophisticated "best-in-class" mixed-use projects and iconic residential urban developments throughout the United States that combine high-quality design with one-of-a-kind residential, retail, restaurant, office, hotel, cultural and public space offerings.