Related Lands $240M Financing From NY For High Line Tower

Law360, New York (June 8, 2012, 6:50 PM EDT) -- Real estate giant The Related Cos. has closed on $240 million in construction financing for a 386-unit residential tower in Manhattan's Chelsea neighborhood, secured by the New York City Department of Housing Preservation and Development, the parties announced Friday.

The project, to be co-developed with Abington Properties at 500 West 30th St., will be financed through the city's Inclusionary Housing Program by $188.4 million in bonds from the New York State Housing Finance Agency and $11.28 million in Low Income Housing Tax Credits as part of...
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