Rudin locks in $525M construction financing for St. Vincent's

The Rudin family's $800 million redevelopment of the St. Vincent's Hospital site is one step closer to a reality. According to the Wall Street Journal, Rudin Management obtained $525 million in construction financing and can begin construction once the government approval process, already underway, is complete. 

The relative ease with which the Rudin's cleared the financing obstacle given today's tight lending environment was surprising, the Journal said. Bank of America, JPMorgan Chase, Bank of New York Mellon and M&T Bank contributed to the loan. 

But that last hurdle, government approval, could be the highest. 

The City Council may respond to pressure from Village residents and demand more concessions from the developers for the right to proceed with building. The Rudin family has already reduced the height of the development from 266 feet down to 203, agreed to renovate existing structures rather than replace them, provided a 15,000-square-foot park in the plans and teamed with North Shore-LIJ to build a 24-hour medical emergency department for the community. 

"We think that we have responded in a very positive way to all the concerns that have been expressed to us before," Rudin said. But the community still wants a smaller structure and affordable housing to be included in the plan. 

Rudin bought the site for $260 million, and crafted plans for 450 luxury units among four towers and a row of five townhouses, a playground, an elementary school and the medical facility. [WSJ]

Source: The Real Deal

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