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Pier 57 Launched with Financing from PNC Real Estate
PNC Real Estate is serving as administrative agent, co-lead arranger and book runner for $228 million in construction financing. In addition, PNC’s Historic Tax Credit Group will invest $68.5 million in the project. The combined investments will support the transformation of Pier 57 into offices and destination shopping/restaurant and cultural space. It is anticipated that space will be turned over to tenants in late 2017.
Google Inc. has signed a 15-year lease to take 250,000 square feet at the Pier, and the developers are in negotiations for an international food market in the Pier’s retail space. The Pier will feature a 1.8-acre rooftop park with movie screens and an amphitheater. The facility is also expected to host the Tribeca Film Festival.
Located at West 15th Street and the West Side Highway in New York City, Pier 57 extends 800 feet into the Hudson River. The Pier originally opened in 1954 and served as a terminal for shipping and storage of cargo for the Grace Line. The foundation consists of three submerged buoyant concrete caissons based on a design created as part of the American military effort during World War II. Similar caissons served as temporary breakwaters during the D-Day invasion.
Pier 57 straddles the West Chelsea and Meatpacking districts, which offer some of New York City's most well-known and culturally significant attractions, entertainment venues, museums, food establishments and art galleries — making it an important destination for locals and tourists alike.
In discussing the project, Seth Pinsky, Executive Vice President, Fund Manager, Metro Emerging Markets & Public Affairs Director for RXR Realty noted, “We were confident that PNC Real Estate could deliver a full financing solution for this very complex and unique deal. It required that the ground lease, construction loan, Google lease and Historic Tax Credits close or become effective simultaneously. That required intense teamwork from all.”
Date: March 2016
Location: New York, New York
Syndicated Construction Loan Amount: $228 million gross loan amount, $64 million PNC hold
Historic Tax Credit Equity Amount: $68.5 million
Scope: 480,000 square foot mixed use historic building
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