Starwood Injects $475M Behind JV's Times Square Project

Law360, New York (October 16, 2012, 9:01 PM EDT) -- A consortium of developers has bought a prime piece of Manhattan's Times Square market and plans to redevelop it into a retail complex with the help of a $475 million loan package from private equity-backed Starwood Capital Group, the companies announced Tuesday.

The package consists of a first mortgage loan and a mezzanine loan, and will have an initial funding of $375 million with the rest coming in the future for redevelopment of the 701 Seventh Ave. site. Real estate firm The Witkoff Group, along with...
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