Maefield Closes on 20 Times Square Recapitalization

A rendering of 20 Times Square, which is currently under construction.

NEW YORK CITY—Maefield Development reports it has closed on the buyout of its partners on the 20 Times Square development project here, a deal valued at more than $1.5 billion.

The firm, headed by its chairman and CEO Mark Siffin, used the $1.53 billion to recapitalize the development project and buy out its partners that were previously reported to be Winthrop Realty Trust, the Witkoff Group, Vector Group and the Infinity Group. Fortress Investment Group reportedly still has a debt position in the property that is also known as 701 Seventh Ave., No financial details of the recapitalization were released, however, a report in the Real Deal states that French bank Natixis led a group of lenders in providing the financing.