Bloomberg – New York developer Moinian Group closed on a $595 million loan to refinance 3 Columbus Circle, the Manhattan office tower formerly known as the Newsweek Building.
The loan from JPMorgan Chase & Co. and Deutsche Bank AG follows Moinian’s purchase of a stake in the building owned by SL Green Realty Corp. Together, they give the firm run by Joseph Moinian full control of the property, according to a statement Wednesday.
In 2011, Moinian brought in SL Green as a partner on 3 Columbus Circle, rescuing the tower from a potential foreclosure. The firm renovated the 26-story building the following year with a new facade, lobby, elevator system and digital billboard. SL Green said in August that it agreed to sell its 48.9 percent stake back to Moinian for about $223 million.
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