Ceruzzi Holdings and SMI USA secured a $200 million bridge loan from Mack Real Estate Credit Strategies for their development site at 520 Fifth Avenue, where construction costs are expected to exceed $500 million. The debt replaces a $130 million acquisition loan from JPMorgan Chase and will cover pre-development costs for the mixed-use tower, the Commercial Observer reported. The loan comes with an 18-month term with a one-year extension, and gives the developers time to […]