New York—AFI USA, a subsidiary of Africa Israel, has completed a five-year refinancing of the Times Square Building for about $267 million, plus access to a revolving line of credit from Banco Inbursa SA that will enable the owners to execute a comprehensive repurposing and revitalization of the property. Five Mile Capital Partners LLC will convert its existing debt to equity to become a 50 percent equity partner in the property.
AFI USA achieved the successful restructuring of the financing of the former New York Times headquarters building by settling the $236 million mezzanine debt with a group made up of BlackRock, CIT Lending Services Group, Five Mile Capital and Column Financial; securing a five-year extension of the senior debt; eliminating over $70 million in guarantees and transforming the entire project to being off-balance-sheet.
AFI USA acquired the building in 2007. The new plans include the development of hotels
and a select number of luxury condominium penthouse residences.