Monday, April 11, 2016

Hudson Related Completes $75 Million Mortgage Refinancing Of Roosevelt Island Riverwalk Point Building 7 - Currently Negotiating With RIOC For Final 2 Roosevelt Island Southtown Building Development Sites

Hudson Related began construction of Roosevelt Island Riverwalk Point Southtown Building 7 in March 2014 with a hole in the ground.

By June 2014, construction looked like this

and in July 2014, Hudson Related held a topping off ceremony to mark the completion of Riverwalk Point building vertically.

The 266 unit Riverwalk Point rental building

opened for residents in the Summer of 2015.

The Roosevelt Island Twitterverse reports:
According to the Commercial Observer:
Developers Hudson Companies and Related Companies refinanced Riverwalk Point on Roosevelt Island with a $75 million mortgage from MUFG Union Bank, both developers confirmed to Commercial Observer.

The financing, which closed on March 24, replaces the original $64.3 million construction loan Union Bank and Bank of America Merrill Lynch provided in November 2013 on the 22-story rental tower, according to David Kramer, the president of Hudson Companies. The new loan carries a seven-year term.

“We completed construction [and] leased up the building, so it was time to refinance out the construction loan,” Mr. Kramer said....
Click here for the full Commercial Observer article.

Hudson Related is currently negotiating with the Roosevelt Island Operating Corp (RIOC) to develop the final 2 sites in Southtown - Riverwalk Buildings 8 & 9.

 Future Site Of Building 8 - Building 9 Will Be To The Right Of NYPD K9 Obstacle Course

No information available yet on the terms for developing Buildings 8 & 9.

I spoke with David Kramer in July 2014 at the topping out ceremony for Riverwalk Point Building 7. Here's what he had to say about the new building construction, plans for a large percentage of affordable housing to be included in future Riverwalk building 8

and the layout

for Riverwalk Buildings 7-9.

UPDATE 5:45 PM - I asked RIOC:
Does RIOC get a fee for this transaction similar to what happened at Manhattan Park, Octagon & Roosevelt Landings when there was a refinancing?
A RIOC representative replied:
No. The original deal with Southtown is different and it does not require a payment to RIOC in this instance.