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