BXP closes $1.2 billion construction loan for 343 Madison Avenue project in Manhattan
BXP•Construction financing closed for Midtown Manhattan tower
BXP closed a $1.2 billion construction loan for its 343 Madison Avenue development in Midtown Manhattan.
The facility includes a four-year initial term, with a one-year extension option subject to customary conditions.
Pricing starts at Term SOFR + 2.5%, stepping down to Term SOFR + 2.25% tied to leasing and construction milestones.
The loan supports a roughly $2 billion, 46-story, 930,000-square-foot tower targeted for delivery in late 2029.
Wells Fargo led the financing; BofA Securities, BNY and JPMorgan participated as joint lead arrangers.
