Developer Scores $288M Loan For NYC Condo Tower

Law360, New York (August 29, 2013, 6:33 PM EDT) -- Developer Time Equities Inc. has secured $288 million in construction financing from a group of banks for a long-delayed condominium and retail high-rise it has planned in downtown Manhattan, according to a Wednesday statement.

PNC Bank NA led the consortium of lenders, which include Wells Fargo & Co., M&T Bank Corp., Union Bank NA, MidFirst Bank and Emigrant Savings Bank. The funds will help jump-start a 63-story project at 50 West St., which has been delayed since 2008, according to a statement.

Terms of the loan...
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