Ken Griffin, Vornado, and Rudin secure $3.3 billion loan for 66-story Park Avenue tower construction
VNO Vornado Realty Trust
$32.89 -0.66%
View chart & analysis → - 1Ken Griffin, Vornado, and Rudin secured a $3.3 billion construction loan from a syndicate led by Wells Fargo and JPMorgan.
- 2Lenders showed willingness to fund the trophy office construction due to Citadel leasing over 1 million square feet.
- 3Of the planned tower's 2 million square feet total area, 850,000 square feet excluding Citadel's lease will be offered to the rental market.
So what's the key point?
Ken Griffin and his partners borrowed $3.3 billion to build a building. It was easier to get the loan because Citadel agreed to lease a large amount of space.
Source Bloomberg +1 · View original ↗
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