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

Properties are along First Avenue, 1710 Broadway

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.


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
Clockwise from top: Mayor Eric Adams, Bruce Teitelbaum, Adrienne Adams and Suri Kasirer (Getty/Adams via Paul Dilakian)
A make-or-break moment for NYC’s housing crisis
A make-or-break moment for NYC’s housing crisis
A photo illustration of Veyoel Moshe Gardens in Kiryas Joel (LoopNet, iStock)
Developers seizing on Hasidic suburb’s explosive growth
Developers seizing on Hasidic suburb’s explosive growth
Mayor Eric Adams and Extell's Gary Barnett (Photos by Paul Dilakian)
Real estate’s titans talk building, selling, and reinventing the city
Real estate’s titans talk building, selling, and reinventing the city
Moinian's Joseph Moinian and Bushburg's Jordan Franklin with rendering of Empire State Dairy Company residences (Moinian Group, LinkedIn, Bushburg)
Bushburg, Moinian snag $105M loan for East New York luxury project
Bushburg, Moinian snag $105M loan for East New York luxury project
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
arrow_forward_ios

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

Loading...