Reading Closes $57M Financing for 44 Union Square
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44 Union Square rendering
New York City—Reading International Inc. has secured $57.5 million in construction financing to 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 $7.5 million mezzanine loan from an affiliate of Fisher Brothers to the parent of that subsidiary.
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’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…
