The Real Deal New York

Extell lands $143M Bank of the Ozarks refi for Midtown project

Developer plans 29-story residential building
By Konrad Putzier | January 11, 2017 04:15PM

842-846 Seventh Avenue

842-846 Seventh Avenue in Midtown (inset: Gary Barnett)

Extell Development landed a $143 million loan from Bank of the Ozarks to refinance one of its Midtown projects.

The mortgage covers three parcels at 201 West 54th Street, 846 Seventh Avenue and 1706-1720 Broadway, which all sit on a single block along 54th Street between Seventh Avenue and Broadway. In November 2015, Gary Barnett’s TRData LogoTINY Extell filed plans for a 29-story residential building at 842-846 Seventh Avenue.  It looks like Barnett has yet to land a construction loan.

Bank of the Ozarks declined to comment, and Extell could not immediately be reached.

The new loan replaces a $190 million mortgage from the same lender, which had $130.2 million in unpaid principal remaining, property records filed with the city Wednesday show.

Last month, Extell refinanced a $235 million loan at its Central Park Tower condo development after it struggled to land construction financing.

Arkansas-based Bank of the Ozarks has emerged as one of New York’s most active construction lenders in recent years.