Durst Secures $1 Billion Loan Package
The Durst Organization has secured a a $1 billion financing package from a group of lenders led by Citi Private Bank. The Real Deal reports that some of the $1 billion may be used for property acquisitions. Durst has recently acquired the $175 million Clocktower development site in Long Island City and plans to construct a 63-story rental tower on the site. Durst is of course also developing the $1.5 billion, 7-building Hallets Point complex on the Astoria waterfront.
Rendering of the first building at Halletts Point in Astoria (Credit: Dattner)