Extell’s One Manhattan Square loan grows
to $700M

Developer's first-quarter report shows a $30M loss

New York /
May.May 25, 2017 05:40 PM

UPDATED May 25, 2017 9:15 p.m.: Gary Barnett’s Extell Development TRData LogoTINY tapped an additional $100 million on its construction loan for the 80-story condominium project One Manhattan Square, bringing the total to $700 million, the firm reported on the Tel Aviv Stock Exchange Thursday.

The developer closed on an initial $500 million in financing with a consortium of lenders, including Deutsche Bank and Natixis in September. The terms included an option to extend up to $250 million within nine months.

In an interview with The Real Deal in March, Barnett said he expects to utilize the full amount.

“We’re up to $650 million [in financing] probably now. We think we’ll get up to $750 million,” he said.

The additional financing frees up $100 million from the $463 million mezzanine loan from RXR Realty to be used for current needs, according to the report.

Extell also released its quarterly report, and showed a $30 million loss in the first quarter of 2017, compared with an $18 million loss in the first quarter of 2016, partially due to fewer apartment sales. The report also showed that Extell had raised additional EB-5 funds for its two major projects; $189 million for Central Park Tower out of the total $340 million it’s seeking to raise, and $154 million for One Manhattan Square, up from $125 million in March.

A representative for Extell confirmed the $100 million increase.

(To view more of Extell Development’s financing transactions, click here)


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
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
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
(Illustration by The Real Deal with Getty Images)
NJ town concocts new excuse for rejecting affordable housing
NJ town concocts new excuse for rejecting affordable housing
A photo illustration depicting the massive changes at 2797 Atlantic Avenue (Google Maps, Getty Images)
Church plans 343 apartments in East New York
Church plans 343 apartments in East New York
Suburbanites with pitchforks as two hands ripping building plans
Suburban Nimbys oppose more housing. Do they have a point?
Suburban Nimbys oppose more housing. Do they have a point?
From left: Silverstein Properties' Larry Silverstein and New York City Councilmember Julie Won along with a rendering of Innovation QNS (Getty Images, Julie Won for City Council, Innovation QNS Official Site)
Silverstein’s Astoria megaproject ups affordable housing commitment
Silverstein’s Astoria megaproject ups affordable housing commitment
1 Geoffrey Way in Wayne NJ (Loopnet, Getty)
Homes are us? Passaic County weighs dev plans for ex-Toys R Us HQ
Homes are us? Passaic County weighs dev plans for ex-Toys R Us HQ
arrow_forward_ios

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

Loading...