NEW YORK, NY – The Rudin Family has secured a $415 million refinancing for the repositioning of 3 Times Square, a 30-story skyscraper in Midtown Manhattan.
J.P. Morgan led a consortium of lenders, including Bank of America and M&T Bank, in providing the refinancing package. The floating-rate loan has a term of three years, with two one-year extension options.
The firm, along with its joint-venture partner Thomson Reuters, will utilize the proceeds to renovate the building's lobby, build out a tenant amenity floor, activate outdoor space, modernize major building systems and fund leasing efforts.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
