Developer Secures $2.3 Billion Loan for Upper West Side Mega-Development

UPPER WEST SIDE, NY — Real estate firm General Investment & Development Companies) announced Tuesday that it has secured a $2.3 billion loan for its Upper West Side super-development Waterline Square.

The loan — which GID claimed was the largest for residential construction in New York City history — will go toward the construction of three giant glassy towers on Riverside Boulevard between West 59th and West 61st streets.

The loan is actually a package of several different types of investments, including equity investments from GID's own ownership team and a $1.24 billion loan by Wells Fargo and other banks, according to a press release.

"We are extremely pleased to have closed on this sophisticated transaction with the most highly regarded investment partners and real estate lending institutions in the world," said James Linsley, President of GID Development Group, in a statement. "This financing package reaffirms our confidence in this unique Manhattan waterfront development and our design and development team's ability to create the most innovative, comprehensive, and cohesive residential experience in New York City."

Renderings for the three Waterline Square towers were revealed just a week ago.

The nearly five-acre development will also feature three acres of parkland and open spaces connecting the three buildings. The parkland will feature tree groves, a great lawn, walking paths, a playground, fountains and waterfalls, according to a press release.

One Waterline Square (10 Riverside Boulevard) will rise 36 stories and contain 288 apartment units, according to a report from New York YIMBY. The building was designed by Richard Meier and Partners Architects, according to a press release.

The second and largest building, located on 400 W. 61st St., will feature two towers rising from the same base. On tower will rise 38 stories and the second tower will rise 25 stories, YIMBY reported. The building will contain 656 units and was designed by Kohn Pedersen Fox Associates, according to the report.

Three Waterline Square (639 West 59th Street) will rise 34 stories and contain 244 apartment units, YIMBY reported. The third building was designed by Rafael Viñoly Architects, according to a press release.

"The glassy towers complement one another in their articulated facades, outdoor spaces, and faceted crowns, and collectively create a bold architectural statement set against the backdrop of the New York City skyline," a spokesperson from GID told Patch.

Goldstein, Hill & West served as the executive architect for the whole development.

Rendering courtesy of Noe & Associates