Owners Seek Refinancing of BofA Tower . . . again
Crain's New York Business reports: A mere nine months after refinancing the Bank of America Tower at One Bryant Park, the owners are looking to do it all over again in what is being viewed as a sign of strength in the capital markets.
“This is evidence that the financing situation is improving,” said Dan Fasulo, managing director of Real Capital Analytics.
The building's owners, The Durst Organization and Bank of America Corp., refinanced the 51-story, 2.1 million-square-foot tower in June with a $1.28 billion loan. It was believed to be one of the biggest, if not the biggest, single, private financing deals since the credit markets froze shut in 2007.
But sources say the owners believe they can get even better terms now then they could nine months ago. Additionally, the loan they secured was only for three years, and they are hoping to get an even longer one now.
The owners are not alone in their belief that the real estate environment is improving. Others are testing the market too, including the owners of 340 Madison Ave., 125 Park Ave. and 600 Lexington Ave. They have all put their buildings up for sale. Experts say those owners believe there is enough financing available and investor interest to make handsome profits on their properties.
View the full article on Crain's New York Business: Owners Seek Refinancing of BofA Tower . . . again
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