BOA, Wells Fargo seek partners in $640m loan to Tishman

Bank of America and Wells Fargo are seeking partners in a $640m construction loan to Tishman Speyer for its $1.1bn development of a three-tower residential scheme in Queens, New York. The floating-rate, four-and-a-half year facility at 250bps over one-month LIBOR, reflects a loan-to-cost of 55%. The two US banks are believed to be in talks with a number of lenders interested in participating.

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