KENNETT SQUARE, PA – Chatham Financial has assisted The Durst Organization and Bank of America, joint venture partners in The Bank of America Tower (top left photo) at One Bryant Park, in closing the largest single asset first mortgage since the fall of 2007.The $1.275 billion permanent financing of Bank of America Tower, a 2.4 million square foot, 54-story LEED Platinum certified office tower, which serves as New York headquarters for Bank of America, is a result of creativity and perseverance in this credit constrained market.
“Closing this transaction proves there is still money available for the best borrowers on the best assets.
" Getting a deal of this size done in today’s credit market is a testament to the relationships and stellar reputation of The Durst Organization, the strength of Bank of America as a tenant, and the unparalleled quality of this building,” Tony Talbert, Director, Chatham Financial.
Chatham acted as financial advisor to the partnership on a range of issues including loan structuring, lender solicitation, and interest rate hedging.
“Thank you to our lenders, partners and advisors for getting this deal done,” said Douglas Durst, (bottom right photo) Chairman of The Durst Organization.
Chatham acted as financial advisor to the partnership on a range of issues including loan structuring, lender solicitation, and interest rate hedging.
“Thank you to our lenders, partners and advisors for getting this deal done,” said Douglas Durst, (bottom right photo) Chairman of The Durst Organization.
“We are very proud of One Bryant Park; the building has proven to be a trailblazer. It’s the first LEED Platinum office tower in the United States.
"It was the largest skyscraper designed and built after September 11th, 2001 and now it’s the first building to get a large loan after the credit markets froze last year. We are hopeful that this financing will engender additional lending and get our city, state and nation’s economies back on track.”
Bank of America Tower is 98% occupied and includes Charlie Palmer’s Aureole Restaurant, and the restored and reconstructed Henry Miller Theater.
Bank of America Tower is 98% occupied and includes Charlie Palmer’s Aureole Restaurant, and the restored and reconstructed Henry Miller Theater.
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