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Extell lands $90M loan for 1010 Park Avenue condo project
Bank of the Ozarks is the lender
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