Posted Apr 30, 2018, 9:47 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,798
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Natixis providing $1B-plus to finance Maefield’s 20 Times Sq. deal
Quote:
Mark Siffin’s Maefield Development is set to close on the massive buyout of its partners in the hotel-and-retail project known as 20 Times Square, The Real Deal has learned. The deal values the property at $1.53 billion.
French bank Natixis is set to provide north of $1 billion in acquisition financing for the property, which has the street address of 701 Seventh Avenue, said sources familiar with the deal. Maefield signed a contract in February to buy out a large group of partners including Steve Witkoff, Michael Ashner’s Winthrop Realty Trust, Howard Lorber’s New Valley and the Carlton Group’s Howard Michaels, as TRD first reported.
Sources said the deal is expected to close by Tuesday at the latest. The exact size of the acquisition loan is not immediately clear, but sources pegged it over $1 billion.
The complex is slated to hold a 39-story tower containing a 452-key Marriott Edition hotel, 76,000 square feet of retail and a 17,000-square-foot LED billboard sign, and the development is almost complete. The NFL Experience and Hershey’s Chocolate World stores have already opened, while the hotel is expected to be ready this summer.
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TRD
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