The Durst Organization Announces the Renewal of a $200 million Revolving Line of Credit from Citi Private Bank
For Immediate release
November 2nd, 2009
The Durst Organization Announces the Renewal of a
$200 million Revolving Line of CREDIT FROM Citi Private Bank
$200 Million will be Used for Additional Liquidity in the Acquisition of Distressed Properties and Debt
The Durst Organization today announced the renewal of a $200 million revolving line of credit from Citi Private Bank. The money will be used for additional liquidity in the acquisition of distressed properties and debt by The Durst Organization. The credit line was initially established in 2005 and has been extended for two years. The deal closed on Monday, October 26, 2009. The line of credit is being provided solely by Citi Private Bank.
“This credit line will allow us increased capacity in our pursuit of distressed properties and debt,” said Jonathan Durst, Co-President of The Durst Organization. “We are actively searching for both distressed commercial and, with our partner Durst Fetner Residential, residential properties in the Tri-State area to acquire outright or to purchase the associated debt, with the intention of owning the property. I wish to thank Citi Private Bank for their expertise, cooperation and partnership. This is a challenging time and we greatly appreciate their faith and commitment to our family and organization. We also see this loan as demonstrative of the beginning of a return to normalcy and confidence and an important sign of the larger economy’s improvement.”
The Durst Organization, founded in 1915 by Joseph Durst, is the owner, manager and builder of 9 million square feet of premiere mid-town Manhattan office towers. The Organization is recognized as a world leader in the development of high-performance and environmentally advanced commercial and residential property.
Durst Fetner Residential (DFR) is a unique partnership between two of the most respected development companies in New York Real Estate—The Durst Organization and Sidney Fetner Associates. DFR owns and manages 1,700 residential units and has extensive experience in all phases of residential development; from planning and construction through marketing and management. DFR specializes in highly complex mixed-use development projects in New York City and is a leader in sustainable building and operations.
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Contact: Jordan Barowitz
(212) 257-6605