August 23, 2019
The Durst Organization and Bank of America closed on a $1.6-billion refinancing of One Bryant Park, a 2.35-million-square-foot Midtown tower anchored by BofA. The financing combined a $950-million CMBS loan with a $650-million Liberty Bond loan.
BofA led the securitization and underwriting of both loans, and the borrower was advised by Rosenberg & Estis as lead counsel; Orrick, Herrington & Sutcliffe as special counsel; and Chatham Financial as financial advisor. CFO Ira Marx, with assistance from Lucas Durst, led the Durst Organization’s team.
Durst Organization president Jonathan Durst said the refi’s terms, including a weighted coupon average of 2.6% per annum, “reflects the strength of the asset.”
He added, “We are especially proud that One Bryant Park has established new benchmarks for operational efficiency, and has integrated user efficiency and the health and welfare of its occupants into the sustainable building lexicon.”
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