NEW YORK CITY-An office tower at 1180 Sixth Avenue has been saved from a takeover by securing $265 million in financing from a Chinese investor. According to Murray Hill Properties, the Shorenstein Group, a mezzanine debt holder on the building, was about to acquire the building through a foreclosure suit.
The deal includes a financing worth $165 million and an equity investment worth $100 million. It allows Murray Hill to continue to act as the property's operating partner. For the full story, go to New York Observer.
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