Extell lands $118M Helaba loan for UES assemblage

Barnett is planning luxury residential tower at the 10-lot site

Landesbank Hessen-Thüringen is the debt behind Gary Barnett’s latest assemblage play, records filed with the city Thursday show.

The German bank, also known as Helaba, provided $118.2 million in financing to Barnett’s Extell Development for a 10-lot site on the Upper East Side where Barnett plans a future luxury residential tower, potentially with a school at its base.

The lots lie along First Avenue between 79th and 80th streets. The loan is intended to back the purchase of the lots and development rights.

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The sponsor on the public filing is Martin Hollander’s Marin Management, who also served as a shield for two of the building purchases.

In March, The Real Deal reported that Extell had completed the assemblage and was considering the purchase of additional air rights for a new development at the site. The company can build up to 250,000 square feet without the extra rights, however.

Last fall, Extell scooped up $200 million in air rights for a tower at 50 West 66th Street on the Upper West Side. The deals allow the developer to build a 775-foot-tall tower, the largest in that neighborhood.