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

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

TRD NEW YORK /
May.May 25, 2017 05:40 PM

Gary Barnett and a rendering of One Manhattan Square

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

One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

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

Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)

Ceruzzi Properties secures $350M to refi Midtown East tower

Denizen Bushwick at 54 Noll Street (Credit: iStock, Google Maps)

All Year closing in on $675M refi for Rheingold Brewery development

Denizen Bushwick at 54 Noll Street (Credit: Google Maps, iStock)

A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit?

CrowdStreet CEO Tore Steen (Credit: iStock)

CrowdStreet hits $1B milestone, crowdfunding firm claims

Greystar CEO Bob Faith and the Parkside Place Apartments in Cary, North Carolina (Credit: Greystar and Apartments)

What Greystar’s belief in multifamily says about the health of the economy

arrow_forward_ios
Loading...