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

Company is converting building into office and retail space

Renderings of 44 Union Square (credit: BKSK Architects)
Renderings of 44 Union Square (credit: BKSK Architects)

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 [TRDataCustom] 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.

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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.