350 Park’s $3.3B loan underscores office trophy market’s financing strength
A $3.3 billion construction loan for 350 Park Avenue is the latest sign that New York’s office market can still command enormous capital — provided the building, location and tenant lineup are nearly impossible to replicate. Vornado Realty Trust, Citadel and Rudin are moving ahead with the 2 million-square-foot tower after securing one of the largest construction financings in the city’s history, Vornado CEO Steven Roth said on the company’s second-quarter earnings call. Citadel will anchor roughly half the project, while Vornado plans to take a 36 percent stake and Rudin will own 4 percent. The partners are also considering […]
This article originally appeared on The Real Deal. Click here to read the full story.
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