Gary Barnett’s Extell Development nabbed a $54.9 million acquisition loan from Bank of the Ozarks for the developer’s latest Upper East Side condominium development.
The acquisition loan coincided with the Extell’s closing on a Gristedes supermarket at 350 East 86th Street, according to property records. The purchase price for the site was $93 million.
Extell went into contract last year on the property, where it’s planning a 20-story condo. The supermarket parcel will be combined with four low-rise properties that Barnett previously assembled on First Avenue between East 85th and 86th streets.
So far, plans haven’t been filed for the project, located within blocks of another Extell project that’s currently under construction. The Kent, located at 200 East 95th Street (also known as 1681 Third Avenue), will be a 30-story condo tower with a projected sellout of $535.34 million.
Bank of the Ozarks, a regional bank based in Arkansas, has ramped up investment in New York City real estate in recent months. Tishman Speyer said it would start construction on its 1.1 million-square-foot Long Island City office-and-retail development after landing a construction loan from the bank and Qatari Diar.