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Landmarked Midtown Tower Scores $120M Refi

A JLL Capital Markets team has arranged a $120-million floating-rate loan to refinance 130 W. 42nd St., a landmarked office tower in the Bryant Park/Times Square neighborhood. The loan was secured on behalf of Tribeca Associates.

JLL did not identify the lender. Published reports say the loan came from Singapore-based United Overseas Bank, and refinances $100 million in debt provided by a Chinese bank in May 2015.

Vice chairman Aaron Appel, managing director Jonathan Schwartz and EVPs Brett Rosenberg and Adam Schwartz led the JLL Capital Markets team handling the debt assignment. In 2013, Tribeca acquired the 29-story office property—built a century ago as the Bush Tower—and then repositioned it with a major capital improvements program. The property was declared a city landmark in 1988.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing