HFZ Capital Group, the Manhattan-based real estate development and investment company, announced Tuesday the official closing of its construction financing for The Eleventh, a full-block mixed-use West Chelsea development designed by Bjarke Ingels Group (BIG). The site, located at 76 Eleventh Avenue on the High Line and along the East River waterfront, is between 17th and 18th Streets and will hold 240 luxury condominium residences, a 950,000-square-foot complex containing parking, retail and office space, and a 137-room Six Senses Hotels Resorts Spa.
Sales of the condo residences will begin later this year while the building itself is expected to be completed in 2019.
The Real Deal reports that the Children's Investment Fund (TCI) was the U.K. financial institution that provided the $1.25 billion construction loan, thus ending HFZ's 18-month search for financing. A loan of that caliber also puts it at one of the largest for this cycle. TCI has provided loans for other luxury condominium projects including 15 Hudson Yards, 432 Park Avenue, 30 Park Place, and 520 Park Avenue.
The Real Deal reports that the Children's Investment Fund (TCI) was the U.K. financial institution that provided the $1.25 billion construction loan, thus ending HFZ's 18-month search for financing. A loan of that caliber also puts it at one of the largest for this cycle. TCI has provided loans for other luxury condominium projects including 15 Hudson Yards, 432 Park Avenue, 30 Park Place, and 520 Park Avenue.
“This project captures the modern age and Bjarke Ingles helps to showcase the era in the skyline for all to enjoy. This remarkable work of art signifies the continued appeal of the High Line and its place as an iconic destination.”
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– Chairman and Founder of HFZ Capital, Ziel Feldman
The Eleventh is comprised of two towers atop a four-story base and will be the tallest buildings in West Chelsea at about 300 and 400 feet tall. The unique design, which drew inspiration from modernist structures and historic industrial buildings of the neighborhood, employs twisting silhouettes, glowing crowns, punched window openings, and a stone and metal facade. It's design and ideal waterfront location will create 360-degree views of the High Line, Hudson River, and Downtown and Midtown Manhattan skylines. In addition, The Eleventh is expected to raise the standards of luxury condo living with its high-end amenities, a five-star hotel, spa and revolutionary wellness services.
In 2015, HFZ Capital Group paid an investment group led by Edison Properties $870 million for the full-block site at 76 Eleventh Avenue. Construction began last summer.
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