Gary Barnett’s Extell gets $268M to refinance two dev sites

Properties are along First Avenue, 1710 Broadway

TRD New York /
Apr.April 09, 2019 05:05 PM
From left: 1710 Broadway, Extell Development CEO Gary Barnett, and 1643 First Avenue (Credit: Google Maps, Extell)

From left: 1710 Broadway, Extell Development CEO Gary Barnett, and 1643 First Avenue (Credit: Google Maps, Extell)

Extell Development has landed more than $267.6 million to refinance two of its Manhattan development sites.

Lender JVP Management provided about $145 million to an Upper East Side development site that has been pieced together over the years, and another $124.4 million for a Midtown property Extell had tried to sell last year, property records filed this week indicate.

Extell did not immediately return requests for comment. JVP Management could not be reached.

The financing for the Upper East Side site, which includes a roughly $38.8 million gap mortgage and replaces previous financing from Bank OZK, covers nine parcels, including 350 East 86th Street and 351 East 85th Street. The debt also covers 1639 and 1641 First Avenue, which Extell bought earlier this year for $14.85 million.

Applications to construct a new structure there have yet to be filed, though demolition applications for some of the properties are already in.

The debt for Extell’s Midtown site at 1710 Broadway includes $66.4 million in new financing, also from JVP Management. That deal has a two-year limit, with a one-year extension option, and a floating interest rate of 4.5 percent over LIBOR, Commercial Observer reported, citing filings with the Tel Aviv Stock Exchange.

The refinancing of 1710 Broadway, currently a six-story commercial property, marks a shift for Extell. The developer had put the site on the market last year after planning a residential tower there, with an address of 211 West 54th Street. In 2017, Bank OZK provided $143 million to refinance the site.

Permit applications also haven’t been filed for that site.

The financing comes as sales have launched at Barnett’s Central Park Tower. Its $4 billion projected sellout is set to be the biggest in the city’s history.

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