BofA Tower Secures 1.3B Loan
The refinancing deal for the tower was announced Friday
Updated 5:15 PM EST, Fri, Jun 26, 2009
Experts say a nearly $1.3 billion loan for one of New York City's tallest new skyscrapers is one of the biggest real estate financing deals since the economic crisis began last fall.
The refinancing deal for the 55-story Bank of America tower was announced Friday.
The midtown Manhattan building is partially occupied and set to be finished next year.
A spokesman for the building's developer, The Durst Organization, says about half the loan comes from Bank of America Corp., which occupies about 80 percent of it. The Charlotte, N.C.-based bank has declined to comment.
The project's original financing included $650 million in tax-exempt bonds intended to help spur construction after Sept. 11.
Real estate attorney Dennis Sughrue wasn't involved in the deal but says it's a note of hope for a flat market.
Copyright Associated Press
First Published: Jun 26, 2009 4:08 PM EST
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