NYC Office Tower Lands $1.6 Billion Construction Loan From Banks

Related Cos. and Oxford Properties Group secured a $1.6 billion construction loan and lined up more equity investors for Manhattan’s 70 Hudson Yards, a skyscraper that will serve as Deloitte’s US headquarters.

With the new equity investments and debt, Related Cos. and Oxford Properties Group were able to complete a $2.45 billion capitalization of the 72-story office tower, according to a statement Monday. Wells Fargo & Co., Bank of America Corp. and Standard Chartered Plc underwrote and structured the loan.