Bank of America leads $1.6B refi for tower named after it at One Bryant Park

Deal will allow Durst Organization to cash out some equity
July 31, 2019 05:00PM

One Bryant Park (Credit: The Durst Organization)

One Bryant Park (Credit: The Durst Organization)

One Bryant Park is getting a $1.6 billion refinancing spearheaded by Bank of America.

The deal will combine a $950 million commercial mortgage-backed securities loan from Bank of America and $650 million of prior public-assisted financing from 2009, according to the Commercial Observer, citing information from a Kroll Bond Rating Agency report. Bank of America’s portion of the financing will replace and expand a prior CMBS mortgage from it and JPMorgan Chase for $650 million, and the public-assisted financing will retire the $650 million worth of public construction bonds from 10 years ago.

The remaining $300 million will help fund reserves and financing costs, and it will permit Bank of America and the Durst Organization to cash out some of their equity. The building was recently appraised at a value of $3.5 billion.

The largest tenant at One Bryant Park is Bank of America itself. Other tenants include Marathon Asset Management, the Roundabout Theatre Company and the law firm Akin Gump Strauss Hauer and Feld. The 55-story building is the fifth tallest tower in New York City. [CO] — Eddie Small