NEW YORK GMAC Commercial Mortgage Corp. will provide $1.3 billion of financing for the AOL Time Warner complex, the Columbus Circle development team has announced.
The 2.1 million-square-foot center, which is slated for completion in 2003, is under construction at Columbus Circle in Manhattan. It will include facilities for AOL Time Warner; Jazz at Lincoln Center; a five-star Mandarin Oriental hotel; 191 luxury condominiums, to be called One Central Park; and a retail complex.
Columbus Centre LLC is the development firm for the complex.
We are very gratified by the confidence that the nations premier commercial mortgage lender has shown in this project, and we look forward to celebrating the opening of this new landmark in 2003, said William L. Mack, co-founder and senior partner of Apollo Real Estate Advisors and a member of the Columbus Circle development team.