The Durst Organization has secured a $900 million loan from JP Morgan and Wells Fargo to refinance 4 Times Square, according to CO. Durst is seeking new tenants in the wake of two high profile departures: Condé Nast for 1 World Trade Center and Skadden Arps for One Manhattan West.
Financing details: The new mortgage replaces $650 million in CMBS financing from UBS in 2006. Interestingly, $120 million of the new loan has not yet been advanced, but will be available as a line of credit to Durst. This allows the company to avoid paying interest on that sum until it draws on that cash. The debt has a term of less than five years.
Worth Noting: Bank of Montreal leased 215,000 SF of office space in the building earlier this month.