Extell's Riverside South gets $613M loan
July 01, 2008 11:03AM
Extell Development has gotten one of the year's biggest construction loans with $613 million in financing for its two luxury residential buildings at Riverside South on the Upper West Side.
Extell's partners on the project, the Carlyle Group and RREEF Alternative Investments, a Deutsche Bank affiliate, announced that Holliday Fenoglio Fowler had arranged the financing, which came from a Deutsche Bank-led consortium of nine banks.
The two towers, which will total 880,000 square feet, are already under construction. Extell hopes to finish the buildings, located on West 62nd and West 63rd streets between Riverside Boulevard and Freedom Place South, in the first half of 2010. A 38-story building will have both rentals and condos while a 23-story building will only house rental units.
Extell has already sold 437 condos at Riverside South for a total of $788 million since 2006. This represents 70 percent of the development's condos.
"The Upper West Side continues to be a big draw," said Gary Barnett, Extell's president, in a statement. TRD
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Comments
Anonymous
Please correct the spelling... Holliday Fenoglio Fowler
Comment #1 Posted By: Anonymous 07/01/08
Joe
Even as Commercial Real Estate is presently down about 59%, there're still developers finding it's still a good time to build new construction. First, many buyers know that it's the best time to buy,(when prices are low), so they can sell at a higher price in the future! Also, the developers are doing thier homework in s this market, especially as many Economists say that a Recession is in sight. The developers are aware that the financing requirements involved can make a difference in this market, and because of the Subprime lending problems, many are seeking out other alternative Commerical Real Estate financing options, for instance, Venture Capital, Real Estate Investment Trust(REITs); Bond Offerings; Real Estate Hedge Funds; and Private Hard Money Investors that can finance deals that banks and traditional lenders won’t in this present market. PS, Joe Commercial R.E. Financing www.bvgfin.com"
Comment #2 Posted By: Joe 07/02/08
Anonymous
The one building that's now 1/2 condo 1/2 rental was supposed to be all condo. Market is definitely slowing.
Comment #3 Posted By: Anonymous 07/03/08
Shmegle
What do you think about the Building on 47th Street?
Comment #4 Posted By: Shmegle 07/21/09