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Tishman Speyer Refis LIC Offices with $425M Green Bond
Tishman Speyer finalized a $425-million green bond offering to refinance The JACX, its recently completed creative office development in Long Island City, Queens. The offering, originated by Bank of America, refinanced the initial construction loan with permanent CMBS financing.
During its underwriting process, Bank of America commissioned Sustainalytics US, Inc., an independent environmental, social and governance (ESG) analytics firm, to evaluate and certify that The JACX met requirements set forth in the Green Bond Principles 2021 for sustainability, energy-efficiency and attention to the needs of the surrounding communities.
“There is a growing appetite among pension funds and other institutional investors for projects that embrace and incorporate ESG principles,” said Randall Rothschild, global head of debt at Tishman Speyer. “The high level of interest in The JACX among the world’s top social impact investors is a validation of our efforts to produce a positive and lasting impact in Long Island City.”
- ◦Financing
