AOL Time Warner closes $1.3 B loan.Setting another landmark precedent, the AOL Time Warner Center The Time Warner Center is a mixed-use skyscraper developed by The Related Companies in New York City. Its design, by David Childs and Mustafa Kemal Abadan of Skidmore, Owings & Merrill, consists of two 229 m (750 ft) towers bridged by a multi-story atrium containing upscale retail development team announced today that it has closed the largest construction loan for a private development in United States history. The $1.3 billion is being provided by GMAC Commercial Mortgage Corporation. The AOL Time Warner Center complex is estimated to cost a total of $1.7 billion, and is being financed by a number of private sources. Funds for the acquisition of the land were provided by five sources, which include Apollo Real Estate Advisors, L.P.; The Related Companies, L.P., an AOL Time Warner financing vehicle; the Mandarin Oriental Hotel Group The Mandarin Oriental Hotel Group (MOHG) is a hotel management company which is part of Jardine Matheson Holdings Limited and is formally known as Mandarin Oriental International Limited. ; and GMAC Commercial Mortgage Corp. The $1.3 billion loan was arranged by the development team which consists of Stephen M. Ross For other persons named Stephen Ross, see Stephen Ross (disambiguation). New York City-based real estate developer Stephen M. Ross is founder, chairman and CEO of The Related Companies, L.P. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Related Companies, L.P.; William L. Mack, co-founder and senior partner of Apollo Real Estate Advisors, L.P.; and Kenneth A. Himmel, president and CEO of The Palladium Company. The mixed use project consists of over 2.1 million SF and includes new facilities for AOL Time Warner, the new home of Jazz at Lincoln Center Jazz at Lincoln Center is a constituent company of the Lincoln Center performing arts organization, whose performing arts complex, Frederick P. Rose Hall, is located at 60th Street and Broadway in New York City, slightly south of the main Lincoln Center campus and directly , a five star Mandarin Oriental Hotel, 191 condominiums known as One Central Park, and The Palladium at AOL Time Warner Center which will be a specialty retail complex containing a mix of retailers, entertainment uses, and restaurants. |
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