BXP closes $1.2 billion construction loan for 343 Madison Avenue tower

Corporate Action
โดย World Construction Network·Read original
Summary · why it matters

BXP has secured a $1.2 billion construction loan for its 343 Madison Avenue development in Midtown Manhattan, a key step in the $2 billion project. The 46-storey tower will offer approximately 930,000 square feet of space with direct access to Grand Central Terminal's Madison Concourse. The loan carries a four-year initial term with a one-year extension option and an initial interest rate of Term SOFR plus 2.50%, which may reduce to 2.25% upon meeting leasing and construction targets. Wells Fargo Bank served as administrative agent, with BofA Securities, The Bank of New York Mellon, and JPMorgan Chase as joint lead arrangers. About 50% of the building is pre-leased, and completion is expected in late 2029.

Impact on stocks 5

Financials▲ · 2 stocks
Bank of America Corp
BAC
▲ PositiveCapitalrelevance

BofA Securities acted as joint lead arranger for the $1.2 billion loan, generating fee income.

Wells Fargo & Company
WFC
▲ PositiveCapitalrelevance

Wells Fargo Bank served as administrative agent for the $1.2 billion loan, generating fee income.

Digital Finance & Tokenization▲ · 2 stocks
JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorgan Chase acted as joint lead arranger for the $1.2 billion loan, generating fee income.

Real Estate▲ · 1 stocks
BXP, Inc.
BXP
▲ PositiveCapitalrelevance

BXP secured a $1.2 billion construction loan for its 343 Madison Avenue development, a key financing milestone.

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