Deutsche Bank readies $400M construction loan for International Gem Tower

TRD New York /
Jul.July 02, 2012 11:00 AM

Deutsche Bank is preparing a $400 million construction loan for Extell’s 65-percent-sold, 34-story, 745,000-square-foot International Gem Tower in Midtown, and will spearhead the loan’s syndication, the New York Observer reported. The loan splits comprises a $300 million senior loan and $100 in subordinate debt, and lasts for a two-year period. There’s also the option for a one-year extension. As previously reported, Extell planned to move forward with the tower with or without a construction loan.

As The Real Deal previously reported, the tower topped out in March and is scheduled to be fully operational by mid-2013. The Observer said the building is slated for completion by the third quarter of this year. The building will have commercial condominiums on the first 20 floors for jewelry industry use, with asking prices of roughly $1,000 per square foot. The top 14 floors are being market to traditional office tenants. [NYO]

Related Articles

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

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

Gary Barnett taps outsider as CEO of Extell

Gary Barnett taps outsider as CEO of Extell

Raizy Haas and Gary Barnett (Credit: Getty Images, iStock)

One of Gary Barnett’s longtime deputies is leaving Extell

Jerry Rotonda (Credit: LinkedIn)

Former Deutsche Bank exec has defaulted on $3M loan, lawsuit says

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

From left: London, Shanghai and Paris

The TRD weekly global digest

Related CEO Jeff Blau, Deutsche Bank CEO Christian Sewing, and Time Warner Center at 10 Columbus Circle (Credit: Getty Images and Wikipedia)

Deutsche Bank shrinks footprint at future Columbus Circle home amid global downsizing