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New York

Extell scores $150M bridge loan for 250 South Street

Deutsche Bank provided financing for the luxury condo tower

Rendering of 250 South Street (inset: Extell Development's Gary Barnett)
Rendering of 250 South Street (inset: Extell Development's Gary Barnett)

Extell Development picked up additional financing for its luxury condo tower at 250 South Street, securing a $150 million bridge loan from Deutsche Bank.

The developer is expected to seek a construction loan later this year, the New York Observer reported.

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The approximately 940,000-square-foot tower will reach somewhere between 56 and 71 stories, according to conflicting reports. The most recent Department of Buildings filings called for 68 stories. Renderings were released in May.

Extell purchased the site for $103 million in March of 2013.

The project has drawn the ire of some community members who have accused the developer of damaging nearby Cherry Street. [NYO] — Tess Hofmann

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Extell Development