WeWork Hung Up On Financing For $850M Trophy Fifth Avenue NYC Buy

WeWork initially was scheduled to close on the purchase last month, according to TRD, but Hudson's Bay granted its buyer an extension to Nov. 13 in exchange for another $25M deposit. In addition to its search for equity partners, Eastdil Secured is on the hunt for lenders to provide a $738M loan package to help fund the buy and an estimated $200M worth of renovations the building would need, Commercial Mortgage Alert reports.

While WeWork has billions in cash thanks to its venture capital investment from SoftBank, that money is not earmarked for property acquisition, according to TRD, which is why WPA and Rhone have raised at least $404M to buy property outside of WeWork's balance sheet. It is unclear how much of that equity will go into 424 Fifth Ave., and how much they are hoping to bring in from a third party.