U.S developer repays $200 million loan in cash
Tuesday January 15, 2008
U.S property developer Kushner Co repaid a $200 million loan in cash rather than try to refinance the debt used in a $1.8 billion acquisition of a New York office tower.
Having borrowed more than $1 billion to finance the purchase of 666 Fifth Avenue, the company decided against taking out a loan in these uncertain times.
The short term refinancing market is a little uncertain, as Australian Property Group Centro is finding out as it tries to refinance a $1.5 billion debt of its own.
Kushner President Kevin Swill said that the company believed in the building so much that they took it upon themselves to put the cash in.
