The Real Deal New York

3 Columbus Circle gets $260M refinancing

April 12, 2011 09:54AM

The Bank of China has agreed to provide a five-year, $260 million loan to refinance 3 Columbus Circle, the glass-walled office tower where the Moinian Group narrowly skirted a takeover attempt by Stephen Ross’ Related Companies earlier this year. Moinian had been trying to renovate the 26-story building when he defaulted on his $250 million mortgage last summer and Related moved to try to wrest control through a foreclosure. The plan was to demolish the 700,000-square-foot structure and replace it with luxury condominiums and a Nordstrom department store. But SL Green Realty and Deutsche Bank came to Moinian’s rescue, helping Moinian to pay off Ross and take back the mortgage. Under the new refinancing agreement, that $250 million bridge loan will be repaid. The Bank of China’s new, five-year loan form may be increased up to $300 million if certain performance thresholds are reached. Moinian has already poured $100 million in renovations into the building, of which SL Green now owns slightly less than half. TRD

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