"We are hopeful that this is a sign of increased liquidity in the banking system," a Durst spokesman tells GlobeSt.com. A release from the mayor's office notes that the refi represents an appreciation in value on the 51-story One Bryant Park, since the loan is $325 million larger than the construction financing, which included $650 million in Liberty Bonds.

In the release, Mayor Michael Bloomberg comments, "Liberty Bonds helped finance this tower after 9/11, sending a signal to the world that the city remained open for development and business. This most recent financing is a great indication that New York City remains well poised for growth."

BofA arranged the three-year loan, which reportedly took nine months to set up, and holds 50% of it, the Durst spokesman says. The four other banks in the consortium--the Bank of New York Mellon, Wells Fargo Bank, Westdeutsche ImmobilienBank and Helaba Bank--had "about an equal share of the rest," the spokesman adds. Bank of America serves as both the administrative agent and letter of credit issuer, while Mellon is the construction agent and Wells Fargo is the collateral agent.