3 WTC snags $340M in financing from state program

3 World Trade Center
3 World Trade Center

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.

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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