Dec
29
$90M Construction Financing Earmarked For NYC Office Building
ByVornado Realty Trust and Aurora Capital Associates have a 20-year lease agreement with Starbucks to open its largest location yet at the new Midtown South property.
Rendering of 61 Ninth Ave., New York (Courtesy of Rafael Vinoly Architects via Vornado Realty Trust)
New York—A joint venture between Vornado Realty Trust and Aurora Capital Associates has received $90 million in construction financing for 61 Ninth Ave., a planned 164,000-square-foot Class A office building with prime ground-floor retail space in Manhattan’s Midtown South region.
JLL’s Capital Markets team secured the loan from Helaba and CIT Group.
“This project is proof that despite tightening market conditions, construction financing remains available for strong, experienced sponsors with well-developed plans,” Dustin Stolly, JLL’s managing director, said in a prepared release…
$90M Construction Financing Earmarked For NYC Office Building
