Bank of America is nearing a deal to refinance its eponymous tower at One Bryant Park for the second time in just 10 months, Crain’s reported. The 51-story office tower was last refinanced with a $1.28 billion three-year loan in June, in what was believed to be one of the largest single, private financing deals since the 2007 credit market freeze. This time around, the bank and its co-owner, the Durst Organization, are looking to obtain a 10-year, $1.3 billion loan from JPMorgan Chase. [more]
Posts Tagged ‘bank of america tower’
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Since 9/11, I have been mistaken rather regularly for a terrorist. These misunderstandings — and I assure you they are misunderstandings — occur not in airports, but on the streets of Manhattan. There I am, standing in front of some dull and innocuous building, taking video footage of it in order to aid my memory so that I can write articles like this one. More often than not, some concerned citizen starts observing my actions with a greater than ordinary interest. People are still uneasy seeing someone videotape, or even look, at any building above street level, because maybe the person — in this case, me — is casing the joint in order to bomb it at some later date. Who could blame them, when the building in question could have no other possible attraction to anyone with a recording device? And it is true enough that all too many new developments in Manhattan live up — really down — to that cynical appraisal. more
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The owners of the Bank of America Tower at One Bryant Park are expected to refinance the building Monday. The $1.275 billion loan is one of the biggest private financings since 2007. The money, which took building owners Durst Organization and Bank of America nine months to get, will be used to pay back a $950 million loan on the building, to repay investors and to finish work on the tower. Bank of America, Bank of New York Mellon, Wells Fargo Bank, Westdeutsche ImmobilienBank and Helaba Bank are providing the financing. Douglas Durst, the Durst Organization’s chairman, said securing the financing for the tower was part of what allowed him to resign as the company’s co-president. He will stay on as chairman. [more]
