BXP Secures $1.2B Construction Loan for Midtown Manhattan Office Tower
BXP Secures $1.2B Construction Loan for Midtown Manhattan Office Tower
BXP, Inc. has taken a major step toward the development of a 930,000-square-foot office tower in Midtown Manhattan by finalizing a substantial construction loan. The developer announced Tuesday that it has closed on a $1.2 billion credit facility to fund the project at 343 Madison Ave.
The financing package was led by Wells Fargo and includes participation from Bank of America, Bank of New York Mellon Corp., and JPMorgan Chase. The four-year loan is expected to cover approximately 60% of the total development costs for the new structure. BXP is currently working to secure additional equity partners to complete the remaining capital requirements for the undertaking.
BXP maintains a strategic focus on premier office properties across six major gateway markets, including New York. The firm is currently the largest publicly traded developer, owner, and manager of Class-A workplaces in the United States.
In the market, BXP, Inc. shares are trading higher today. The stock is up 4.54% from the previous close of $69.96, with the current price sitting at $73.14. The company holds a market capitalization of approximately $12.34 billion.
What to watch
- Announcement regarding the final equity partner for the 343 Madison Avenue project.
- Future updates on the construction timeline and leasing progress for the 930,000 square foot tower.
Source: original release