{"id":1004163409,"date":"2017-01-09T08:54:39","date_gmt":"2017-01-09T16:54:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004163409"},"modified":"2022-12-08T18:25:01","modified_gmt":"2022-12-09T02:25:01","slug":"reading-closes-57m-financing-for-44-union-square","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/","title":{"rendered":"Reading Closes $57M Financing for 44 Union Square"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004163420\" style=\"width: 301px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004163420\" data-attachment-id=\"1004163420\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/44-union-square-rendering-ps\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"44 Union Square rendering\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;44 Union Square rendering &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg?w=800\" class=\"wp-image-1004163420\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg\" alt=\"44 Union Square rendering \" width=\"291\" height=\"218\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 291px) 100vw, 291px\" \/><\/a><p id=\"caption-attachment-1004163420\" class=\"wp-caption-text\">44 Union Square rendering<\/p><\/div>\n<p><strong>New York City<\/strong>\u2014Reading International Inc. has secured $57.5 million in construction financing\u00a0to fund the non-equity portion of the redevelopment of 44 Union Square in New York City. The facilities consist of $50 million in loans from Bank of the Ozarks to the wholly-owned subsidiary of Reading that is doing the redevelopment and a\u00a0$7.5 million mezzanine loan from an affiliate of Fisher Brothers to the parent of that subsidiary.<\/p>\n<p>The redevelopment of this building will add 23,000 square feet of rentable space to the current square footage of the building, totaling 73,322. The new building will be mixed-use, offering the lower, ground, second and third levels 40,760 square feet of retail space, while the fourth through sixth floors will house 28,077 square feet of dedicated office space. Located across from Union Square&#8217;s Greenmarket, 44 Union Square was previously a theater, offering classroom spaces and a 499-seat venue from 1994 until early 2016. The landmark exterior will be preserved, while adding a two-and-a-half-story protruding glass dome at the top.<\/p>\n<p>&#8220;We appreciate the Bank of the Ozarks&#8217; and Fisher Brothers&#8217; recognition of this unique, historic and one-of-a-kind property,&#8221; said Margaret Cotter, executive vice president, real estate management &amp; development, New York City, in prepared remarks. &#8220;The financing facilities with the Bank of the Ozarks and Fisher Brothers represent another step forward for the development and we appreciate their support, as well as the support of our placement agent, RM Capital Management LLC and our development manager, Edifice Real Estate Partners LLC. As the development of this historic building into a prime retail and office destination continues, we believe this property will drive significant value to our real estate portfolio.&#8221;<\/p>\n<p>The project is\u00a0scheduled for\u00a0completion\u00a0by quarter one of 2018.<\/p>\n<p><em>Image courtesy of 44 Union Square<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The project is set to be completed by the first quarter of 2018. <\/p>\n","protected":false},"author":746,"featured_media":1004163420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21825,21783,21752,1600,21742,10,21747,21749],"tags":[33259,33371],"class_list":["post-1004163409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-finance","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","category-office","category-retail","tag-bank-of-the-ozarks","tag-fisher-brothers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reading Closes $57M Financing for 44 Union Square - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reading Closes $57M Financing for 44 Union Square\" \/>\n<meta property=\"og:description\" content=\"The project is set to be completed by the first quarter of 2018.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-09T16:54:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:25:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/\",\"name\":\"Reading Closes $57M Financing for 44 Union Square - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg\",\"datePublished\":\"2017-01-09T16:54:39+00:00\",\"dateModified\":\"2022-12-09T02:25:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg\",\"width\":800,\"height\":600,\"caption\":\"44 Union Square rendering\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Reading Closes $57M Financing for 44 Union Square\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. Connect with her here\u2014Twitter: @IvyLeeRosario and LinkedIn: https:\/\/www.linkedin.com\/in\/ivyleerosario\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/ivyleerosario\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Reading Closes $57M Financing for 44 Union Square - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/","og_locale":"en_US","og_type":"article","og_title":"Reading Closes $57M Financing for 44 Union Square","og_description":"The project is set to be completed by the first quarter of 2018.","og_url":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-01-09T16:54:39+00:00","article_modified_time":"2022-12-09T02:25:01+00:00","og_image":[{"width":800,"height":600,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg","type":"image\/jpeg"}],"author":"IvyLee Rosario","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/","url":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/","name":"Reading Closes $57M Financing for 44 Union Square - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg","datePublished":"2017-01-09T16:54:39+00:00","dateModified":"2022-12-09T02:25:01+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg","width":800,"height":600,"caption":"44 Union Square rendering"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/reading-closes-57m-financing-for-44-union-square\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Reading Closes $57M Financing for 44 Union Square"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780","name":"IvyLee Rosario","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67","caption":"IvyLee Rosario"},"description":"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. Connect with her here\u2014Twitter: @IvyLeeRosario and LinkedIn: https:\/\/www.linkedin.com\/in\/ivyleerosario\/","url":"https:\/\/www.commercialsearch.com\/news\/author\/ivyleerosario\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/44-Union-Square-rendering-PS.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004163409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/746"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004163409"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004163409\/revisions"}],"predecessor-version":[{"id":1004622419,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004163409\/revisions\/1004622419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004163420"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004163409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004163409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004163409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}