NYC Tower Lands $1.3 Billion Loan From Morgan Stanley, Apollo
RXR and its partners are renovating 5 Times Square, upgrading elevators and adding amenities such as a golf simulator.
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RXR has landed a $1.3 billion loan refinancing for a Times Square office tower as it ramps up building improvements to attract new tenants.
Backers for the 5 Times Square loan, which runs though May 2026, include Morgan Stanley, Apollo Global Management Inc. and American International Group Inc., according to a statement Tuesday. RXR and its partners have invested another $300 million to help renovate the site.