Eastern closes NYC's largest single-asset financing at 4 Times Square.In what may be the largest single asset financing Asset Financing Using balance sheet assets (such as accounts receivable, short-term investments or inventory) to obtain a loan or borrow money - the borrower provides a security interest in the assets to the lender. of an office property in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's history, Eastern Consolidated Properties Mortgage Finance, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has concluded a $430 million first mortgage for Four Times Square, at Broadway and 42nd Street, in the heart of Times Square, a neighborhood which has undergone significant development throughout the past several years. Eastern Consolidated Properties Mortgage Finance, LLC, a subsidiary of Eastern Consolidated Properties, Inc., is led by Philip D. Restifo, executive director. Restifo has led Eastern's financing division since the first quarter of 1999, and has since, concluded over $550 million in debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay throughout New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and the tri-state area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. . Regarding the financing of Four Times Square, Restifo said, "We are very grateful to Douglas Durst for the opportunity to play a role in this significant transaction, and to UBS/Warburg's Principal Transactions Group for their diligence and effective execution. The mortgage provided by UBS/Warburg, the investment banking unit of Union Bank of Switzerland, one of the world's largest financial institutions, has created a solid foundation for the building as well as for the Durst Organization, one of New York's largest owner-developers, who completed the site in 1999. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Douglas Durst, president of the Durst Organization, "The Durst Organization is most pleased with the outcome of our recent mortgage transaction for Four Times Square facilitated by Eastern Consolidated Properties Mortgage Finance, LLC, and provided by UBS/Warburg's Principal Transactions Group. Eastern's team of finance professionals worked with our organization to determine the best plan for the building's successful financial, future, and through their close investor contacts as well as financial expertise, the result has been the close of a substantial transaction that has met the needs of all parties involved." Also known as the Conde-Nast Building, Four Times Square is a 48-story, 1.6 million square-foot office tower in the center of the Times Square retail and commercial real estate district. Aside from 4 Time Square's center-stage location in one of the most heavily trafficked neighborhoods in the world, the building struck an environmental theme, with energy efficient lighting, special recycling chutes and high-tech windows that admit light, but little heat. The City's first "green" office building, Four Times Square may be the most-talked-about new building of the new millennium. The building's superior fit-out, with office space exceeding 1.45 million square feet, is fully occupied by two major tenants. Advance Publications, the parent of Conde-Nast, the magazine publishing empire Noun 1. publishing empire - a conglomerate of publishing companies publishing conglomerate conglomerate, empire - a group of diverse companies under common ownership and run as a single organization of the Newhouse family, and New York's largest law firm, Skadden Arps Slate Meagher and Flom. The retail component of the facility is currently leased to, among others, the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , whose recently installed and widely recognized high-tech electronic sign has become another signature of the building and a landmark feature of Times Square. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion