Reading Int. snags $58M loan for Union Square Theatre

Company is converting building into office and retail space

New York /
Jan.January 05, 2017 04:50 PM

Los Angeles-based theater company Reading International secured a $57.5 million construction loan for its redevelopment of the former Tammany Hall.

Arkansas-based Bank of Ozarks provided a $50 million loan, and Fisher Brothers TRData LogoTINY gave $7.5 million in mezzanine financing for Reading to expand the Union Square Theatre to 73,322 square feet, company officials announced on Thursday. The financing was placed by co-managing partners Marc Sznajderman and Romano Tio and vice president Bo Diamond of RM Capital.

Reading is rebranding the theater as “44 Union Square,” and adding 23,000 square feet to the building. Last year, the Landmarks Preservation Commission approved the addition of a steel and glass dome atop the building, which formerly was the home of the infamous Democratic party machine, Tammany Hall.

The expanded theater is being converted into an office and retail complex, though the exact breakdown of the space has not yet been released. The 21,000-square-foot off-Broadway theater in the building will also be converted to rentable space. Reading purchased the six-story building in February 2001 for $7.7 million, according to filings with the U.S. Securities and Exchange Commission.


Related Articles

arrow_forward_ios
Urban Outfitters at 526 Avenue Of The Americas (Google Maps, Getty)
Urban Outfitters shutters longtime store near Union Square
Urban Outfitters shutters longtime store near Union Square
Gustavo Miculitzki, Laurent Morali and Charles Kushner with a rendering of their Wynwood project
Kushner starts construction on first South Florida development, scores $80M loan
Kushner starts construction on first South Florida development, scores $80M loan
Equitable CEO Mark Pearson and Fisher Brothers’ CEO Ken Fisher with 1345 Avenue of the Americas (Google Maps)
Equitable Life Insurance inks 130K sf lease for new office
Equitable Life Insurance inks 130K sf lease for new office
Fisher Brothers partner Kenneth Fisher and 605 Third Avenue (Photos via Getty, Fisher Brothers/Illustration by Kevin Rebong for The Real Deal)
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
Bank OZK CEO George Gleason (Photos via Bank OZK; iStock)
Bank OZK’s Q4 was “strong end to challenging year”
Bank OZK’s Q4 was “strong end to challenging year”
Union Square Park to gain 2 acres in $100M plan (Getty_
Union Square Park to gain 2 acres in $100M plan
Union Square Park to gain 2 acres in $100M plan
Ken Fisher of Fisher Brothers and 605 Third Avenue (Fisher Brothers)
JPMorgan, Fisher Bros. land $400M refi on 605 Third
JPMorgan, Fisher Bros. land $400M refi on 605 Third
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)
JPMorgan eyes $600M valuation for Third Ave office tower
JPMorgan eyes $600M valuation for Third Ave office tower
arrow_forward_ios

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

Loading...