Rudins Secure $415M Refi on 3 Times Square
The Rudin Family closed on a $415-million refinancing for the repositioning of 3 Times Square, originally built in 2001 as the North American headquarters of Reuters Group PLC. The proceeds will be reinvested in a capital improvement program at the 30-story Midtown Manhattan skyscraper.
JPMorgan led a consortium of lenders, including Bank of America and M&T Bank, in providing the refinancing package. Rudin secured the floating rate loan for a term of three years with two one-year extension options.
Neil Gupta, CIO and EVP of Rudin Management Company, the operating arm of the Rudin Family holdings, represented Rudin and its joint venture partner, Thomson Reuters.
“This major commitment by several of the world’s leading financial institutions serves as a testament to their ongoing faith in the future of New York City, Midtown’s enduring allure and Rudin’s leadership in the commercial office market,” said Gupta.
- ◦Financing