$2.5B TSX Broadway Update: Full Funding, January Groundbreaking
By: Kim Slowey
Developers of the $2.5 billion TSX Broadway project in New York City's Times Square announced that the development has been fully funded and is on target for a January 2019 groundbreaking.
Investment banking company UBS led a recent round of equity investments for the 46-story tower totaling more than $780 million. Developers L&L Holding Co., Maefield Development and Fortress Investment Group said that total equity in the project is now more than $1 billion. Goldman Sachs provided the balance of financing through a $1.1 billion construction loan.