Extell refis Yorkville development site with $85M loan

Mortgage is backed by six-parcel assemblage including a former Gristedes

New York /
May.May 16, 2017 06:20 PM

Gary Barnett’s Extell Development TRData LogoTINY secured $85.3 million to refinance a development site on the corner of First Avenue and East 86th Street in Yorkville, where the firm reportedly plans to build a 20-story residential building.

The financing, provided by Bank of the Ozarks, is backed by a six-parcel assemblage anchored by a former Gristedes supermarket at 350 East 86th Street, which Extell bought for $93 million in June 2016. The loan consolidates and replaces existing acquisition debt on the properties from Manufacturers and Traders Trust Company, combined with a new $1.1 million mortgage.

The agreement includes the possibility of increasing the loan amount to a maximum of $106 million, according to documents.

The assemblage include four low-rise apartment from 1643 to 1651 First Avenue, two of which Extell was looking to sell after stripping them of their air rights. The sixth property is another low-rise at 351 East 85th Street.

Extell has also paid over $15 million for development rights from a collection of buildings.

Permits have not yet been filed for the site and Extell was not immediately available for comment.

Barnett’s firm is in the process of developing another condo building in Yorkville. Located at 200 East 95th Street, the 30-story tower will have 104 units.

(To view more financing deals involving Extell Development, click here)


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's Gary Barnett with Brooklyn Point and One Manhattan Square (Getty, One Manhattan Square, GrissJr, CC BY-SA 4.0, via Wikimedia Commons)
Extell lures buyers with condo towers’ mortgage rate perk
Extell lures buyers with condo towers’ mortgage rate perk
Extell Development’s Gary Barnett along with a rendering of 1520 First Avenue (Getty, Extell Development)
Extell lands $425M construction loan for UES medical tower
Extell lands $425M construction loan for UES medical tower
From left: Councilmember Christopher Marte, Gary Barnett, JDS Development’s Michael Stern, Joseph Chetrit and a rendering of Two Bridges (Getty)
Another lawsuit looks to stop Two Bridges developments
Another lawsuit looks to stop Two Bridges developments
ZD Jasper's Jasper Wu with 430-434 W 37th St and 439 W 36th St
Queens developer touches down on the Far West Side
Queens developer touches down on the Far West Side
Gary Barnett with renderings of project at 1645 First Avenue (Extell Development, Getty)
Barnett victory may set precedent for landlords battling holdouts
Barnett victory may set precedent for landlords battling holdouts
From left: A photo illustration of Gary Barnett and Ryan Serhant along with the Central Park Tower (Getty, SERHANT, Percival Kestreltail, CC BY-SA 3.0 - via Wikimedia Commons)
“I’m like the yin to his yang”: Why Barnett tapped Serhant to sell his crown jewel
“I’m like the yin to his yang”: Why Barnett tapped Serhant to sell his crown jewel
Extell Development’s Gary Barnett, Robert Gans and Princeton's Joseph Tabak (Getty)
Investor has till Christmas to pay $200M to Barnett, Tabak
Investor has till Christmas to pay $200M to Barnett, Tabak
arrow_forward_ios

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

Loading...