Extell lands $90M loan for 1010 Park Avenue condo project

Bank of the Ozarks is the lender

TRD New York /
Jul.July 21, 2017 05:30 PM

From left: Ozarks’ George Gleason, a rendering of 1010 Park Avenue and Gary Barnett

Bank of the Ozarks strikes again. The Arkansas-based lender agreed to finance yet another New York City condo project, lending $90 million on Extell Development’s 1010 Park Avenue on the Upper East Side.

Gary Barnett’s firm plans to build a 16-story, 11-unit building on the site of The Former Park Avenue Christian Church rectory. Last month, the New York state Attorney General’s office okayed a $248 million offering plan, which translates to around $22.5 million per apartment.

The developer won Landmarks Preservation Commission approval for the project in 2015 and bought the site for $24.9 million a year later.

The Ozarks loan replaces a $22.3 million mortgage from Pacific Western Bank, the Commercial Observer reported.

Bank of the Ozarks is one of the most active condo construction lenders in New York. In April, it financed L+M Development Partners’ 23 Park Row project with a $235 million loan. [CO] — Konrad Putzier


Related Articles

arrow_forward_ios

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

Bank OZK reports uptick in construction lending in Q3

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

The Crown Building and Vladislav Doronin

Doronin lands $750M construction loan for Crown Building conversion

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

arrow_forward_ios