BXP closes $1.2bn loan for 343 Madison Avenue, New York City
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-story tower, with approximately 930,000 square feet of space, will provide direct access to Grand Central Terminal's Madison Concourse. The loan has a four-year initial term with a one-year extension option, and an initial interest rate of Term SOFR plus 2.50%, potentially reducing to 2.25% upon meeting leasing and construction targets. The project is scheduled for completion in late 2029. Wells Fargo Bank acted as administrative agent, with BofA Securities, The Bank of New York Mellon, and JPMorgan Chase as joint lead arrangers. About 50% of the space is already pre-leased. Designed by Kohn Pedersen Fox, the tower aims for LEED Platinum and WiredScore Platinum certifications and will feature a fully electric design with zero on-site combustion.
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