{"id":1004800662,"date":"2026-06-02T03:33:58","date_gmt":"2026-06-02T11:33:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004800662"},"modified":"2026-06-02T03:33:59","modified_gmt":"2026-06-02T11:33:59","slug":"related-cos-jv-nears-1-4b-refi-for-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/related-cos-jv-nears-1-4b-refi-for-manhattan-tower\/","title":{"rendered":"Related Cos. JV Nears $1.4B Refi for Manhattan Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a1ed9c4973a0&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"409\" height=\"512\" data-attachment-id=\"1004800664\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/related-cos-jv-nears-1-4b-refi-for-manhattan-tower\/attachment\/11939\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/11939.jpg\" data-orig-size=\"409,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"11939\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The office property was the first to rise within Hudson Yards, and also the first to achieve LEED Platinum v2009 Certification in New York City. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/11939.jpg?w=409\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/11939.jpg\" alt=\"Exterior shot depicting 10 Hudson Yards in Manhattan.\" class=\"wp-image-1004800664\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/11939.jpg 409w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/06\/11939.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 409px) 100vw, 409px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The office property was the first to rise within Hudson Yards, and also the first to achieve LEED Platinum v2009 Certification in New York City. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture comprising Related Cos., Oxford Properties Group, STRS Ohio, JP Morgan Asset Management and PIMCO Prime Real Estate is nearing a $1.4 billion CMBS refinancing deal for 10 Hudson Yards, a 1.8 million-square-foot office tower in Manhattan, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-28\/wells-fargo-leads-1-4-billion-financing-for-hudson-yards-tower\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bloomberg reported first<\/a>. The transaction is expected to close on June 24.<\/p>\n\n\n\n<p>Wells Fargo, Goldman Sachs, Morgan Stanley and Deutsche Bank will originate and sell the CMBS loan. The note is expected to carry a 5.5-year, interest-only, fixed-rate of 5.5 percent and is set to mature in 2031.<\/p>\n\n\n\n<p>The funds will be used to refinance $1.2 billion of existing debt, another CMBS note issued in 2016 that matures this month. The remaining capital will cover upfront reserves and pay closing costs.<\/p>\n\n\n\n<p>As of May, the tower\u2019s tenant roster included 12 distinct companies, which fully leased the property. However, 10 Hudson Yards presents a large exposure to three companies that leased nearly 80 percent of the entire tower, namely Tapestry Inc., L\u2019Oreal and Boston Consulting Group.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/understanding-bad-boy-carve-outs-in-cre-loans-part-i\/\">Understanding Bad Boy Carve-Outs in CRE Loans: Part I<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The property debuted in 2016, benefiting from <a href=\"https:\/\/www.commercialsearch.com\/news\/the-one-big-beautiful-bill-catalyst-or-constraint-for-cre\/\">CRE tax incentives<\/a> such as a 20-year PILOT agreement. It was the first commercial building to achieve LEED v2009 Platinum certification in the metro and the first to come online within Hudson Yards, a master-planned development which has since expanded to five office properties comprising 11.6 million square feet. Growth continues with Related Cos. and Oxford Properties developing 70 Hudson Yards, a 1.4 million-square-foot project, which was subject to a <a href=\"https:\/\/www.commercialsearch.com\/news\/related-cos-oxford-properties-complete-2-5b-capitalization-of-hudson-yards-tower\/\">$2.5 billion financing package<\/a> this year.<\/p>\n\n\n\n<p>Located at the northwest corner of 30th St. and 10th Ave., 10 Hudson Yards has a direct connection to New York City\u2019s subway system and to the High Line, a 1.5-mile elevated park and pedestrian walkway.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-maturity-wall-shrinks-yet-originations-continue-rising\">Maturity wall shrinks, yet originations continue rising<\/h2>\n\n\n\n<p>The impending wall of debt maturity appears to have shrunk slightly in 2026, according to a <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/blog-post\/commercial-real-estate-loan-maturity-volumes\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">survey by the Mortgage Bankers Association<\/a>. Around 17 percent of outstanding commercial mortgages, or about $875 billion, are on track to reach maturity this year, marking a 9 percent decrease year-over-year. Office loans made up 17 percent of the debt set to mature in 2026, below industrial (23 percent) and hospitality (30 percent).<\/p>\n\n\n\n<p>Despite fewer loans being on track to mature, originations still went up during the first three months of 2026, suggesting the capital markets aren\u2019t driven solely by refinancing deals, a different <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2026\/05\/07\/commercial-multifamily-borrowing-increased-52-percent-in-the-first-quarter-of-2026\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">MBA survey<\/a> shows. The figure was up 52 percent compared to the first quarter of 2025.<\/p>\n\n\n\n<p>Office originations were down 2 percent year-over-year, representing the only sector to register an annual decline. This slight correction arrived after a yearly growth of 205 percent during 2025\u2019s first quarter, which at the time was the largest increase across all property types.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This was the first office property to debut within Hudson Yards.<\/p>\n","protected":false},"author":3471,"featured_media":1004800665,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[32791,33435,33651,32774,33104,32952,45281,33277],"class_list":["post-1004800662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-deutsche-bank","tag-goldman-sachs","tag-jp-morgan-asset-management","tag-morgan-stanley","tag-oxford-properties-group","tag-related-companies","tag-strs-ohio-md-real-estate-investments-llc","tag-wells-fargo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Related Cos. 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