BXP lands $1.2B construction loan at 343 Madison

A highly anticipated office development snagged a fresh round of debt, totaling in the billions. BXP scored a $1.2 billion construction loan for its development at 343 Madison Avenue next to Grand Central Terminal, the company disclosed in its second-quarter earnings report. The loan carries a 2.5 percent secured overnight financing rate, which will drop to 2.25 percent after leasing and construction benchmarks are hit. Wells Fargo led the financing package, which also carried support from BofA Securities, Bank of New York Mellon and JPMorgan Chase. The initial term is for four years with a one-year extension option available. The […]

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