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 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
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
Lanhee Yung and Sush Torgalkar (Photos via Cornell; Getty)

Extell, Starwood alums seek $500M for “contrarian” investing

Extell, Starwood alums seek $500M for “contrarian” investing
Extell's Gary Barnett and a rendering of 50 West 66th Street (Courtesy of Snøhetta)

Judge throws cold water on Extell’s UWS condo development

Judge throws cold water on Extell’s UWS condo development
Deutsche Bank CEO Christian Sewing and Deutsche Bank's Manhattan headquarters at 60 Wall Street (Getty)

Deutsche Bank: Employees can stay home until mid-2021

Deutsche Bank: Employees can stay home until mid-2021
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
arrow_forward_ios

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

Loading...