BXP Secures $1.2 Billion Construction Loan for 343 Madison Avenue

BXP BXP Inc

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1. 1BXP has secured a $1.2 billion construction loan for its new Midtown Manhattan development at 343 Madison Avenue.
2. 2The loan has an initial four-year maturity with a one-year extension option and carries an interest rate of Term SOFR plus 2.50%, stepping down to 2.25% upon meeting leasing and construction milestones.
3. 3The 46-story, approximately 930,000-square-foot project represents the core phase of the $2 billion development, with around 50% of the space already pre-leased.

Source World Construction Network +1 · View original ↗

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