NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.
