Extell’s Riverside Center inks refi deal

New York /
Mar.March 24, 2010 09:17 AM

Gary Barnett of Extell Development is raising funds for his West Side Highway lot — the site of the planned Riverside Center that would stretch between 59th and 61st streets and between West End Avenue and the West Side Highway — through a refinancing deal with an Oman limited liability company. Extell and Washington-based partner the Carlyle Group have a mortgage out on the land with Cigna and ING, which now allows for a mezzanine loan from Orange Sands LLC. It is unclear whether the Oman investors are a private or government entity. Barnett wants to rezone the spot, located just south of Trump Place, and to ultimately obtain more construction financing for a five-building complex. The approved plans so far, by architects SLCE, call for a 73-story, 953-foot tower that is residential from the 21st floor up. Barnett said he won’t be moving into the sky-high penthouse, on the 71st and half of the 72nd floor, once it’s finished. “I can’t afford it,” he quipped to the Post. Retail space will be located on the ground floor and above that, there will be a hotel. [Post]


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Gary Barnett and Central Park Tower at 217 West 57th Street
Why Gary Barnett is selling Central Park Tower at 25% off
Why Gary Barnett is selling Central Park Tower at 25% off
Extell Development chairman Gary Barnett and the empty lot between 79th and 80th on First Avenue (Google Maps)
Extell building 30-story medical tower on UES
Extell building 30-story medical tower on UES
Extell's Gary Barnett and Central Park Tower
Central Park Tower condo sells for half its asking price
Central Park Tower condo sells for half its asking price
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...