BXP Secures $1.2 Billion Construction Loan for 343 Madison Avenue
BXP closed a $1.2 billion construction loan for 343 Madison Avenue, a planned 46-story, 930,000-square-foot premier workplace tower in Midtown Manhattan. The financing carries competitive terms with an initial rate of Term SOFR plus 2.50% that can step down to Term SOFR plus 2.25% upon achieving milestones. The project is approximately 50% pre-leased with total capitalization estimated at $2 billion.
Key figures
- Loan amount
- 1200000000
- Square feet
- 930000
- Project cost
- 2000000000
- Pre leased percent
- 50%
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