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June 29, 2009

Developers get $1.3B loan for NYC tower

By JENNIFER PELTZ
Associated Press Writer

NEW YORK — Developers of one of the city's tallest new skyscrapers said they have lined up a nearly $1.3 billion loan, sealing what experts called one of the biggest real estate financing deals since the economic crisis began last fall.

Coming amid the worst commercial real estate market in decades, the refinancing package for the Bank of America tower drew congratulations from Mayor Michael Bloomberg and Gov. David Paterson. Real estate experts hailed the deal as a sign that the moribund market might be reviving.


 
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