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Bank of America Tower lands $1.3B loan

The developer of the Bank of America Tower in New York will receive a $1.3 billion loan from five banks. The Durst Organization said the loan, which took nine months to complete, will allow it to finish construction on the skyscraper. Work began in 2004 but has been postponed several times. Officials in New York say the loan could signal a recovery for real estate financing. Real Estate Channel (Orlando, Fla.) (06/29)