Extell increases One Manhattan Square loan to $750M

Developer also extended a mezz loan on the W Hotel

New York /
Oct.October 09, 2017 02:00 PM

Gary Barnett’s Extell Development pulled off an additional $50 million in construction financing for its 80-story condominium project One Manhattan Square, which brings the total to the loan’s upper limit of $750 million, the firm reported Sunday on the Tel Aviv Stock Exchange.

Extell TRData LogoTINY closed on an initial $500 million in financing with a consortium of lenders including Deutsche Bank and Natixis in September 2016, with an option to extend up to $250 million within nine months.

In the intervening months, Extell increased the loan in increments, including a previous increase to $700 million in May.

The 815-unit condominium building at 252 South Street is currently under construction and topped out in September at its full height of 847 feet.

Extell also extended the deadline on a $60 million mezzanine loan on the W Hotel in Times Square, according to the documents. The loan on the 56-story property at 1567 Broadway was set to mature in November 2017and will now come due in March 2019.

Both properties are included in the portfolio that backs Extell’s Tel Aviv bonds, and the increase in liquidity could help with allaying investor fears over bond repayments, the first of which is due in 2018.

Extell was not immediately available for comment.


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
Revitalization Initiatives for the Hampton Bays (South Hampton Town Gov.)
NIMBYs plague rezonings in the Hamptons, too
NIMBYs plague rezonings in the Hamptons, too
Atlas Hospitality Managing Member Raj Guru and Vinod Chand with 711 Seventh Avenue (Atlas, Google Maps)
Atlas plans 401-room hotel at 711 Seventh Avenue
Atlas plans 401-room hotel at 711 Seventh Avenue
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
The SASB market has produced several massive transactions, like a $4.65 billion loan for the Extended Stay America portfolio or SL Green Realty’s $3 billion refinancing of One Vanderbilt office tower in Manhattan (iStock, KPF, Getty)
CMBS loan issuance is booming — but not in the usual areas
CMBS loan issuance is booming — but not in the usual areas
Soho’s zoning madness, such as artists-only lofts and a ban on ground-floor retail, may finally change with a proposed rezoning.
The shopping district that banned retail: Soho’s incoherent zoning
The shopping district that banned retail: Soho’s incoherent zoning
arrow_forward_ios

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

Loading...