BofA Tower Refi in the Works

NEW YORK CITY-Less than a year after completing a $1.28-billion refinancing of the 51-story Bank of America Tower at One Bryant Park that took nine months to set up, the Durst Organization and BofA are reportedly planning to do it again. Citing unnamed sources, Crain’s New York Business reported that the tower’s co-owners are looking for a 10-year, $1.3-billion loan that will be partly securitized and sold to a variety of investors. Spokesmen for both companies declined to comment when contacted by GlobeSt.com.

In June of 2009, Durst announced a loan package from BofA and four other lenders: Bank of New York Mellon, Wells Fargo Bank, Westdeutsche ImmobilienBank and Helaba Bank. BofA held 50% of the loan, while the four other banks had “about an equal share of the rest,” a Durst spokesman told GlobeSt.com at the time. The loan was used to retire a $950-million construction debt, repay investors and complete work on the 2.1-million-square-foot tower.

This year, the tower’s owners believe they can get even better terms, according to Crain’s. For one thing, the refi in ’09 was only for three years.