BXP Secures $1.2 Billion Construction Loan For 343 Madison Avenue Office Tower In Midtown Manhattan

The asset involved in the transaction is a 46-story office tower located at 343 Madison Avenue in Midtown Manhattan. The property spans 930,000 square feet and is part of a $2 billion project. The landlord for this project is Owen D. Thomas, representing BXP. A construction loan amounting to $1.2 billion was secured to finance the development.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $1,200,000,000
• Address: 343 Madison Avenue
• Market: Midtown Manhattan
• Lender: Wells Fargo, Bank of New York Mellon, J.P. Morgan Chase, & BofA Securities
• Loan Type: Construction
• Loan Term: Four years with a one-year extension option
• Initial Interest Rate: 2.5%

The deal saw significant involvement from major financial institutions, with Wells Fargo leading the loan arrangement. BXP has successfully completed the capitalization required to push forward with this large-scale office development in a prime Manhattan location.