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NEW YORK CITY-The Durst Organization has secured the renewal of a $200-million revolving line of credit from Citi Private Bank. The credit line, initially established in 2005, will be extended by two years. The real estate firm says it will use the money to pursue a growing pool of distressed properties and debt.

In a statement, Jonathon Durst, co-President of the Durst Organization says, “We are actively searching for both commercial and, with our partner Durst Fetner Residential, residential properties in the Tri-State area to acquire outright or to purchase the associated debt, with the intention of owning the property.”

Durst thanked Citi Private Bank for what he called “faith and commitment to our family and organization.” He added that the Durst Organization sees the loan as “demonstrative of the beginning of a return to [normality] and confidence and an important sign of the larger economy’s improvement.”

Citi Private Bank, a unit of Citi’s Institutional Client’s Group, says on its website that it creates innovative strategies for the world’s wealthiest and most influential families. Founded in 1915 by Joseph Durst, the Durst Organization is still family run. The organization owns, manages and has developed nine million square feet of Midtown office space. The company has also been a leader in the trend towards ‘green’ in New York’s commercial real estate. The Durst Organization and Bank of America are almost complete with the green construction of One Bryant park, a 2.1-million-square-foot, 52-story crystalline skyscraper.

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