Backers for the 5 Times Square loan, which runs through May 2026, include Morgan Stanley, Apollo Global Management Inc. and American International Group Inc. RXR and its partners have invested another $300 million to help renovate the site.
Demand for space in the skyscraper and across Dubai is surging as the emirate attracts more wealth and expats due to its nimble response to the pandemic and relatively easy access to visas.