Silverstein refinances 7 WTC, takes out $65M in cash

New York /
Mar.March 19, 2012 08:30 AM

In the latest sign of his success building and leasing 7 World Trade Center shortly after the Sept. 11 terrorist attacks, Silverstein Properties President Larry Silverstein has refinanced the office tower and taken out $65 million in cash.

The Wall Street Journal reported that Silverstein is putting more debt on the property, which was built for $670 million, but thanks to its complete occupancy has swelled to a value of about $940 million.

7 WTC is almost entirely owned by Silverstein, and the latest refinancing includes $452 million in tax-exempt debt and $125 million in debt from JPMorgan Chase that will be sold off as bonds to investors. The Journal noted it is the latest remarkable chapter for a tower built speculatively in the aftermath of the terrorist attacks that charged rents between $50 and $70 per square foot, even as the Bloomberg administration pleaded with Silverstein to come down on that price for the sake of Lower Manhattan. [WSJ]


Related Articles

arrow_forward_ios
From left: Metro Loft Management founder Nathan Berman, Silverstein Properties chairman Larry Silverstein, and 55 Broad Street (Metro Loft, Silverstein Properties, LoopNet)
Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
Silverstein, Metro Loft pick up Rudin’s 55 Broad Street for $180M
Taconic Partners' Matthew Weir and Hudson Research Center 61 at 9 West 54th Street (iStock, Taconic Partners, Hudson Research Center)
RPI signs at Taconic and Silverstein’s life sciences hub
RPI signs at Taconic and Silverstein’s life sciences hub
Larry Silverstein in front of 7 World Trade Center (Getty Images, Francis Dzikowski, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Silverstein refis 7 World Trade with $458M in green bonds
Silverstein refis 7 World Trade with $458M in green bonds
Extell’s Gary Barnett with 77 West 66th Street (Extell, iStock, Pocketsights, Illustration by Shea Monahan for the Real Deal)
Barnett lands $900M for Disney UWS campus
Barnett lands $900M for Disney UWS campus
NYC Council District 26 Representative Julie Won (NYC Council District, Innovation QNS)
Lines being drawn for $2B Queens development
Lines being drawn for $2B Queens development
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
116 John Street, Silverstein Properties' Larry Silverstein and Metro Loft's Nathan Berman (Google Maps, Getty)
Silverstein buys FiDi apartment building for $248M
Silverstein buys FiDi apartment building for $248M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...