3 WTC snags $340M in financing from state program

TRD New York /
Jan.January 13, 2014 02:45 PM

Silverstein Properties landed a $340 million round of financing today, topping a recent $1.3 billion influx after the developer signed advertising giant and anchor tenant GroupM last month.

Senator Chuck Schumer announced that he was able to secure $340 million in federal bonds via the Recovery Zone Bond program for 3 World Trade Center, financing that will plug a hole that could have delayed or stopped the project altogether, according to local advocacy group the Downtown Alliance.

Still, special permission from the IRS is required in order to ensure the bonds can be used so long after the relevant legislation passed, according to Curbed. (The bonds are a type of so-called Build America Bonds, a financing tool made available through the American Recovery and Reinvestment Act of 2009, to help distressed areas spur development during the recession).

Construction of 3 World Trade Center kicked off in 2012, only to be delayed over financing and a lack of interested tenants. As of last October, financing for the tower totaled $2.8 billion. [Curbed]Julie Strickland


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