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MTA Raises $1.06 Billion in Hudson Yards Real Estate-Backed Bonds
- Client News
- September 22, 2016
Practices
As reported by Bloomberg, Paul, Weiss client Metropolitan Transportation Authority raised $1.06 billion by issuing Hudson Rail Yards Trust Obligations, Series 2016A, MTA's first issue of real estate-backed bonds. The securities will be repaid from revenues MTA receives from leases and sales of land in MTA's Hudson Yards development, a 26-acre mixed-use site on the West Side of Midtown Manhattan being developed into 14 million square feet of office, residential and retail space by a joint venture of affiliates of The Related Companies and Oxford Properties. The bond proceeds will be used to support the MTA's capital program.
The Paul, Weiss team included real estate partners Meredith Kane and Peter Fisch; and corporate partner Jordan Yarett.
