The money comes from JPMorgan Chase and Wells Fargo, according to Commercial Observer. It recapitalizes the building at 4 Times Square after the maturation of $650 million in commercial mortgage-backed securities financing from UBS Bank.
The new mortgage closed on April 8 and has a term of less than five years.
The Durst building was home to publisher Condé Nast until 2014, when the company vacated for 1 World Trade Center.
Despite the departure of its anchor tenant, Durst managed to re-tenant the space over the last five years. It inked National Cable Communications to a 65,000-square-foot deal, Analysis Group to 58,000 square feet, and SS&C Technologies has extended its lease by 31,000 square feet. And BMO Capital Markets, an investment banking subsidiary of the Bank of Montreal, just signed a lease for 15 years and 215,000 square feet, the year’s largest office leasing deal so far. Nasdaq also controls about 169,000 square feet.
The Durst Organization does still have some holes to plug. White-shoe law firm Skadden, Arps, Slate, Meagher & Flom, which leases over 600,000 square feet, is leaving next year for Brookfield’s One Manhattan West.