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BAC Tower Finds Financing

|Includes: Bank of America Corporation (BAC)

Some "almost" good news in the CRE market:

      A nearly $1.3 billion loan for one of New York City's tallest new skyscrapers is one of the biggest real estate financing deals since the economic crisis began last fall.
     The refinancing deal for the 55-story Bank of America tower was announced Friday.   The midtown Manhattan building is partially occupied and set to be finished next year.  A spokesman for the building's developer, The Durst Organization, says about half the loan comes from Bank of America Corp., which occupies about 80 percent of it. The bank has declined to comment.
     The project's original financing included $650 million in tax-exempt bonds intended to help spur construction after Sept. 11.

BAC doing $650MM of the loan?  Given the tennant, underwriting standards are still lax.