First Republic refinances Time Equities' 50 West Street scheme

First Republic refinances Time Equities' 50 West Street scheme

Published at: 2017-11-10 15:37 | Author: CIJ USA
A $95 million loan has been granted to Time Equities to to refinance its Financial District skyscraper development 50 West Street. The instrument is collateralized by 46 unsold units in the 191-unit tower, which the borrower plans to keep as rentals for at least a few years, on the assumption that they will appreciate in value. Time Equities paid off the 64 story tower’s $400 million construction loan in the spring. Sales of the scheme started in July of 2014 with 130 units sold so far. The loan was provided by First Republic Bank.

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