Posted Dec 16, 2016, 11:59 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,907
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http://therealdeal.com/2016/12/16/ex...al-park-tower/
Extell to refi $235M land loan at Central Park Tower
Fortress, Baupost, JPMorgan among new lenders on the project
December 16, 2016
By Katherine Clarke
Quote:
The one-year loan gives Barnett breathing room to secure a roughly $900 million construction loan for the 233-unit, 88-story ultra-luxury project, which is set to rise at 217 West 57th Street.
The company secured the Blackstone loan in 2013 and had been hoping to secure a construction loan to replace it, rather than going through a refinancing. Had Extell failed to refinance the debt, its interest rate on the loan would have shot up to 14 percent from 8 percent as part of a standstill deal.
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