Durst Lines Up $1.3B Refi on BofA Tower

NEW YORK CITY-In what’s reportedly the largest single-asset real estate loan since the capital markets tanked last fall, the Durst Organization will refinance its Bank of America Tower at One Bryant Park with a $1.275-billion package from BofA and four other lenders. The loan will be used to retire a $950-million construction debt, repay investors and complete work on the 2.1-million-square-foot tower, which is aiming for LEED Platinum certification.

“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.”