Extell closes on $410M refinancing of Ring portfolio

Barnett takes further $95M loan from Deutsche Bank

TRD NEW YORK /
May.May 01, 2014 04:44 PM

Gary Barnett’s Extell Development closed on a $410 million refinancing of the Ring portfolio, according to property records filed with the city this morning. Extell borrowed a further $95 million on the properties from Deutsche Bank, following a $315 million loan it received from the bank in January.

Representatives for Extell couldn’t be reached for comment. The development firm formally acknowledged its acquisition of the 13-building portfolio in October, after several months of wheeling and dealing to gain control of the properties. In June, Barnett snagged a controlling interest in Michael Ring’s 50 percent stake through a deal with Princeton Holdings’ Joseph Tabak, who held a contract to pay $112.5 million for the stake.

And in January, Extell closed on the $308.2 million acquisition of Frank Ring’s 50 percent stake in the properties. Then in March, the firm sold the long-term ground leases on four of the buildings to the Kaufman Organization, in a deal valued at roughly $150 million, as TRD reported. A landlord active in the area told TRD at the time that the four buildings, which need extensive renovation, would likely command rents in the mid-$50s per square foot.


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 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

Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

One Manhattan Square’s adult treehouse (Credit: Extell)

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square

Extell CEO Gary Barnett and JPMorgan’s Jamie Dimon (Credit: Getty Images)

Barnett refis Diamond District assemblage with $340M loan

Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

Renderings of Central Park Tower (Credit: Extell)

Inside Extell’s private club for the 0.1%

arrow_forward_ios
Loading...