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

Company is converting building into office and retail space

TRD 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
Bank OZK still making condo construction loans despite pandemic

Bank OZK still making condo construction loans despite pandemic

Bank OZK still making condo construction loans despite pandemic
Bank OZK CEO and Chair George Gleason

Bank OZK’s Q1 earnings fall 90%, but sees lending opportunities ahead

Bank OZK’s Q1 earnings fall 90%, but sees lending opportunities ahead
A rendering of 2505 Bruckner Boulevard and Andrew Chung (Credit: Innovo Property Group) 

Innovo, Square Mile land $305M in construction financing for Bronx warehouse

Innovo, Square Mile land $305M in construction financing for Bronx warehouse
200-bank-ozk

Trouble in the land of OZK: Why NYC’s most important construction lender may be on shaky ground

Trouble in the land of OZK: Why NYC’s most important construction lender may be on shaky ground
CEO and chairman of Bank OZK, George Gleason

Condo lender Bank OZK reports lower profits in Q4

Condo lender Bank OZK reports lower profits in Q4
42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC
Bank OZK CEO George Gleason (Credit: Bank OZK, iStock)

Bank OZK reports uptick in construction lending in Q3

Bank OZK reports uptick in construction lending in Q3
The Crown Building and Vladislav Doronin

Doronin lands $750M construction loan for Crown Building conversion

Doronin lands $750M construction loan for Crown Building conversion
arrow_forward_ios

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

Loading...