NEW YORK CITY-Last week's news of the Times Square Gateway Center and the country's largest LED sign was all the rage in the city's real estate circles. And now, the company responsible for acquisition and construction financining on the project is already bringing in new partners.
Greenwich, CT-based Starwood Property Trust and Starwood Capital Group has sold a 25% stake in both the first mortgage and mezzanine loans at 701 Seventh Ave. to Vornado Realty Trust, according to a company statement.
On Oct. 16, Starwood co-orginated a $475 million first mortgage and mezzanine financing for the acquisition and redevelopment of a 10-story retail building located in Times Square. At closing, $375 million was funded at closing and $100 million will be funded upon reaching certain milestones during the transformation.
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