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Durst lands Refi at 4 Times Square

JP Morgan and Wells Fargo provided $900 million in debt. The short-term loan comes on the heels of high profile departures

4 Times Square (Credit: WSJ)

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 NotingBank of Montreal leased 215,000 SF of office space in the building earlier this month.

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