McCourt Partners Secures $120M Financing From Bain Capital for 360 Tenth Avenue
- ARCFE U.S.
- 1 hour ago
- 4 min read
McCourt Partners has secured $120 million in initial financing from Bain Capital for its development site at 358-360 Tenth Avenue in Manhattan’s Hudson Yards district.
According to PincusCo transaction records, McCourt affiliate 360 Tenth Avenue LLC signed the $120 million initial loan with a Bain Capital lending entity. PincusCo identifies the property as a development lot at 358 Tenth Avenue, at the corner of West 31st Street, and says this is McCourt’s first recorded loan on the property.
That distinction matters: the filing describes the financing as an initial loan, not specifically as a construction loan. Until additional loan documents establish otherwise, the transaction is best understood as financing for the development site rather than confirmed construction financing.
McCourt currently presents the project as 360 Tenth Avenue, a planned approximately 1 million-square-foot Class A office tower positioned between Hudson Yards and Manhattan West. The firm’s project materials also highlight connections to the High Line and the transportation network around Penn Station and Moynihan Train Hall.
The project remains a planned development rather than a stabilized income-producing asset. That makes the financing fundamentally different from a transaction such as the refinancing of 120 Park Avenue.
Why the 360 Tenth Avenue Financing Matters for New York Real Estate
Large real estate projects begin forming their capital structure well before a finished building starts producing rent.
At the development-site stage, capital may be required for land-related costs, planning, design, entitlement work, predevelopment activity and other steps that precede a full construction financing package.
The underwriting questions are therefore different from those for a mature office building.
A lender evaluating an early-stage development site may need to consider land value, development rights, zoning, project design, sponsor experience, expected future capital requirements and the path toward subsequent financing.
At 360 Tenth Avenue, location is another important component. The site sits between Hudson Yards and Manhattan West and near the High Line, Penn Station and Moynihan Train Hall. McCourt’s official materials position those connections as central to the proposed office project.
However, a strong location and institutional financing do not guarantee that a project will proceed on a particular timetable. For early-stage development, investors still need to distinguish between what is planned, what has been financed and what has actually entered construction.
EB-5 Investor Insight
1. Real estate financing changes as a project moves through its lifecycle.
Land or predevelopment financing, construction debt and stabilized-property refinancing solve different problems and are underwritten against different risks.
2. Early-stage capital makes the future financing path especially important.
A development-site lender is not lending against a fully stabilized rent roll. Investors should therefore understand what additional capital may be required, where that capital is expected to come from and what milestones must be reached before the next financing stage.
ARCFE explains how different layers of project capital affect investor position in EB-5 Investing 101: Measuring Risk Through the Capital Stack.
ARCFE View
For ARCFE, the 360 Tenth Avenue transaction is useful because it illustrates a basic principle of real estate development:
Capital formation begins long before a building is completed.
A major project can move through land acquisition, planning, predevelopment financing, construction financing, lease-up and eventually stabilization or refinancing. Each phase requires a different analysis of risk and repayment.
ARCFE was founded by iCross Capital, a New York City real estate financing institution with nearly 20 years of lending experience. That background helps ARCFE evaluate real estate-backed EB-5 projects across the development lifecycle rather than looking only at a single financing event.
For investors, this means asking not only how much capital has already been raised, but also:
What stage is the project in? What financing still needs to be obtained? What milestones come next? And what ultimately supports repayment?
Those questions are particularly important for large urban developments where the capital structure may evolve substantially between land acquisition and stabilization.
Related ARCFE Resources
Review important travel, residency, tax and immigration considerations after receiving a conditional green card.
Understand how senior debt, mezzanine financing and equity differ in repayment priority and risk exposure.
Learn why financing, market demand, project execution and repayment planning should be evaluated together.
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Sources
Disclaimer: Articles published under the "News" category are curated from third-party media sources for informational purposes only. ARCFE does not claim ownership of the original content, nor does it guarantee the accuracy, completeness, or timeliness of the information presented. The views and opinions expressed in these articles are those of the original authors and do not necessarily reflect the position of ARCFE. Nothing contained herein constitutes investment, legal, or tax advice. Readers are encouraged to consult with qualified professionals before making any investment decisions.
