RXR and its partners have landed a $1.3B debt package from a trio of lenders for 5 Times Square, a 39-story tower the owner is planning to renovate. Morgan Stanley, Apollo and AIG backed the refinancing, a short-term loan that runs through May 2026.
As part of the debt restructuring, SL Green converted its $139M mezzanine loan on the Times Square tower into equity, joining the development as a partner.
RXR is investing $300M to renovate 5 Times Square so the building can compete with newer buildings for tenants in the flight to quality in the office market. The infusion of capital also will be used to finance incentives including leasing commissions.
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