W.P. Carey completes financing for NYT building
W.P. Carey completes $120 million in debt financing for New York Times building
- On 11:46 am EDT, Wednesday September 9, 2009
NEW YORK (AP) -- The W.P. Carey & Co. investment firm and two affiliates said Wednesday they have completed the $120 million financing for a sale-leaseback deal for the midtown Manhattan headquarters of the New York Times.
The nonrecourse financing, a secured loan backed by the building as collateral, was provided by the Bank of China's New York branch. In nonrecourse financing, the borrower's liability is limited to the value of the collateral and has no personal liability for the loan.
Since September 2008, W.P. Carey has closed another $260 million in nonrecourse debt financings secured by other properties it owns along with affiliates that are real estate investment trusts.
W.P. Carey shares rose 23 cents to $28.29 in midday trading.
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