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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.
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- ◦Financing