Over the last 30 years, Tishman has raised in excess of $7.5 billion in debt and equity financing for various needs, including land loans, construction loans, first mortgages, mezzanine loans, and preferred equity. In the past 2 years alone, Tishman has raised nearly $1.6 billion in debt and equity, developing close relationships with many of the top institutional, regional, and international lenders including both CMBS and balance sheet lenders.
InterContinental New York at Times Square: In 2007, Tishman’s in-house team secured a $141 million land loan to finance the purchase of the Times Square site. In 2008, Tishman replaced the land loan with a $417 million construction loan and raised $139 million in equity. In 2012, Tishman paid down the $417 million construction loan with construction savings, and refinanced with a $355 million loan package consisting of a $283 million first mortgage and $72 million in preferred equity. In 2014, to take advantage of where rates were in the market, Tishman again refinanced the loan with a $365 million package consisting of a $180 million first mortgage and $185 million in preferred equity.
Sheraton Chicago Hotel & Towers: In 2009, Tishman’s in-house team refinanced the hotel’s existing $157 million leasehold first mortgage with a major insurance company and simultaneously exercised the ground lease purchase option, 100% financing the purchase of the fee position with a $54 million loan which came from a well-known international bank. This was the first time Tishman had used a leasehold/fee structure to completely finance the purchase of the land from a ground lessor, but has since done so subsequently including Tishman’s 2013 land acquisition below the Westin New York at Times Square.