HORSHAM, Pa. - GMAC Commercial Mortgage said it will provide a $1.3 billion construction loan to finance the redevelopment of Columbus Circle in Manhattan.
The General Motors unit said this is the largest such loan ever for private development in New York City. It is expected to cost $1.6 billion.
The developer is Columbus Centre LLC, a joint venture of Related Companies, Apollo Real Estate Advisors, and Palladium Co. Last year the venture agreed to buy the site from the Metropolitan Transportation Authority.
The project is to include the new 838,000-square-foot world headquarters of AOL Time Warner; 159,000 square feet of offices for other companies; 225 luxury condominiums; 630,000 square feet of retail shops, restaurants, and public spaces; and a luxury hotel. It is expected to be completed in 2003.